Technicals

Add as a preferred source on Google

FxWirePro: EUR/CAD extends bounce off trendline support, breaks above 20-DMA, bias higher

EUR/CAD chart - Trading View EUR/CAD trades 0.33% higher on the day at 1.5060 at 0955 GMT, bias higher. The pair is extending bounce off strong trendline support and we see scope for further upside. Price action has brok…

1 min read
FxWirePro: EUR/CAD extends bounce off trendline support, breaks above 20-DMA, bias higher
Image from the original EconoTimes article

Read the original article

EUR/CAD chart - Trading View 

  • EUR/CAD trades 0.33% higher on the day at 1.5060 at 0955 GMT, bias higher.
     
  • The pair is extending bounce off strong trendline support and we see scope for further upside.
     
  • Price action has broken above 20-DMA which was capping upside from the past few sessions.
     
  • Decisive close above will see gains till 200-DMA at 1.5110 ahead of 38.2% Fib at 1.5168.
     
  • Euro largely ignored data released earlier today which showed Germany's inflation rate eased in March on the back of a slowdown in food-price inflation.
     
  • Focus now on Canada New Housing Price Index (NHPI) followed by the speech from Bank of Canada’s (BOC) governing council member Carolyn Wilkins. 
     
  • While Canadian NHPI could reimburse earlier -0.1% losses with +0.0% figure during February, recent improvements in Crude prices could help the BOC member to remain hawkish.

Support levels - 1.5058 (20-DMA), 1.5017 (5-DMA), 1.4925 (trendline support)

Resistance levels - 1.5110 (200-DMA), 1.5168 (38.2% Fib), 1.52

Recommendation: Good to stay long on close above 20-DMA, target 1.5110/ 1.5165

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex. 
 

Related articles

View all
Technicals

Major Pair Currency Score: AUDUSD Bearish

EURUSD - Levels to watch - 1.100 GBPUSD Levels to watch - 1.3180 USDCHF Levels to watch - 0.8400 USDCAD - Levels to watch - 1.4300 AUDUSD - Levels to watch - 0.7000 NZDUSD - Levels to watch - 0.5560