- EUR/CAD up 0.31% on the day, tests major trendline resistance at 1.5125.
- Data released earlier today showed German Ifo business morale boosted to all-time highs.
- Renewed uptick seen in the Euro post German Ifo data, suggesting markets have looked past German political woes.
- Momentum studies are bullish, RSI is also strong at 63 levels and biased higher.
- The pair is extending 'Symmetric Triangle' breakout on the weekly charts.
- Breakout above 1.5125 to see further upside, test of 1.5258 (June 2 highs) then likely.
- On the flipside, 20-DMA at 1.4936 is strong support, we see weakness on break below.
Support levels - 1.5089 (5-DMA), 1.4961 (Nov 21, 22 low), 1.5051 (20-DMA)
Resistance levels - 1.52, 1.5218 (61.8% Fib retrace of 1.6105 to 1.3783 fall), 1.5258 (June 2 high)
Recommendation: Good to go long on close above 1.5125, SL: 1.5080, TP: 1.52/ 1.5220/ 1.5260.
FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at 131.493 (Bullish), while Hourly CAD Spot Index was at -54.5053 (Neutral) at 0940 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
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