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FxWirePro: EUR/CAD holds trendline break at 1.5940, momentum bullish, stay long

EUR/CAD has resumed upside after brief consolidation in the previous session. Downside has held trendline break at 1.5940 levels, momentum bullish. The pair is extending upside after decisive break at channel top resista…

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FxWirePro: EUR/CAD holds trendline break at 1.5940, momentum bullish, stay long
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  • EUR/CAD has resumed upside after brief consolidation in the previous session.
     
  • Downside has held trendline break at 1.5940 levels, momentum bullish.
     
  • The pair is extending upside after decisive break at channel top resistance at 1.57.
     
  • Price action holds above major moving averages and RSI is nicely converging with price action.
     
  • MACD is above zero and biased higher which supports uptrend in the pair.
     
  • We see scope for test of channel top at 1.6835 and we see bullish invalidation on decisive break below 200-DMA.

Support levels - 1.5960 (trendline), 1.5928 (5-DMA), 1.5691 (1W-SMA)

Resistance levels - 1.6105 (Jan 2018 high), 1.6360 (trendline), 1.6703 (trendline), 1.6835 (channel top)

Call update: Our previous call (https://www.econotimes.com/FxWirePro-EUR-CAD-breaks-channel-top-at-157-eyes-161-levels-stay-long-1185177) is progressing well.

Recommendation: Bias higher, stay long.

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