- EUR/CAD trades in 'Symmetric Triangle' pattern, intraday bias neutral.
- The pair finds stiff resistance at 100-DMA at 1.4783, upside capped below.
- Technical studies do not show any clear directional bias. RSI is holding above 50 levels and Stochs are showing reversal from near overbought levels.
- 20-DMA is strong support on the downside, we see further weakness on break below.
- Break below 20-DMA raises scope for test of Triangle base at 1.4545.
- On the flipside, break above 100-DMA will see test Triangle top at 1.4970.
Support levels - 1.47, 1.4698 (20-DMA), 1.46, 1.4545 (Triangle top)
Resistance levels - 1.4754 (5-DMA), 1.4783 (100-DMA), 1.4838 (Oct 11 high), 1.4970 (Triangle top)
FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at -64.8804 (Neutral), while Hourly CAD Spot Index was at -46.7614 (Neutral) at 0810 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
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