EUR/CAD chart - Trading View
- EUR/CAD trades rangebound at 0700 GMT, as traders await German Zew survey for further impetus.
- Data released earlier today showed German April CPI came in in line with preliminary prints.
- The single currency is showing resilience despite escalating trade tensions and could see further gains if Zew survey shows green shoots in the German economy.
- Eurozone industrial production for March and the broader market sentiment will also be watched.
- EUR/CAD consolidates above 200-DMA and remains capped at strong trendline resistance at 1.5145.
- Technical analysis is showing a shift in trend towards the upside. Scope for further upside.
- Decisive break above 1.5145 raises scope for test of 1.53 levels ahead of 61.8% Fib at 1.5348.
- On the flipside, retrace below 200-DMA will see test of trendline support at 1.4950.
Support levels - 1.51 (5-DMA), 1.5080 (200-DMA), 1.5056 (23.6% Fib)
Resistance levels - 1.5145 (trendline), 1.5258 (50% Fib), 1.53
Recommendation: Good to go long above 1.5145, SL: 1.5080, TP: 1.52/ 1.53/ 1.5348
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
