- Euro dented on renewed cross-driven weakness, markets shrug-off upbeat Eurozone and German final services PMI.
- Data released today showed European Monetary Union Markit Services PMI a6 56.3, above forecasts (56.2) in May.
- While, Germany Markit Services PMI meets forecasts at 55.2 in May.
- EUR/CAD edges lower from 6-month highs at 1.5258 hit on Friday's trade.
- The pair is holding 5-DMA support at 1.5152, break below could see drag lower.
- Further, bearish RSI divergence raises scope for downside. Break below 20-DMA will confirm near-term weakness.
Support levels - 1.5151 (5-DMA), 1.51, 1.5065 (20-DMA), 1.4969 (May 30 low)
Resistance levels - 1.52, 1.5258 (June 2 high), 1.5281 (Nov 9 high)
Recommendation: Watch out for break below 20-DMA to go short.
FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at -41.7605 (Neutral), while Hourly CAD Spot Index was at -83.0921 (Bearish) at 1020 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
