- EUR/CAD price action contained within daily cloud, intraday bias bearish.
- The pair is extending decline after rejection at major trendline resistance.
- Currently the pair is holding major support at 1.4769 (50 DMA). We see weakness on break below.
- Scope for test of trendline at 1.4630. Violation there then eyes 200-DMA at 1.4459.
- Upside remains capped by daily cloud at 1.4869. We see gains only on break above.
Support levels - 1.4769 (50-DMA), 1.4747 (cloud base), 1.4630 (trendline), 1.4459 (200-DMA)
Resistance levels - 1.4852 (5-DMA), 1.4869 (cloud top), 1.4985 (trendline)
Recommendation: Good to go short on decisive break below 50-DMA, SL: 1.4870, TP: 1.4630/ 1.46/ 1.4535/ 1.4460
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