FxWirePro: EUR/CAD holds major trendline support at 1.5065, good to stay short on break below

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.