EUR/CAD chart on Trading View used for analysis
- EUR/CAD edges higher, holds major trendline support at 1.5065.
- Bias on daily charts is bearish, price action below major moving averages.
- Momentum with the bears, RSI is below 50 and MACD supports trend lower.
- Recovery attempts failed to extend above 200-DMA, bearish invalidation only on break above.
- Breach at major trendline support at 1.5065 to see dip till 78.6% Fib at 1.4944.
Support levels - 1.5065 (trendline), 1.4944 (78.6% Fib)
Resistance levels - 1.5123 (5-DMA), 1.5181 (200-DMA)
Recommendation: Good to stay short on break below 1.5065, SL: 1.5135, TP: 1.4950
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
