Trade Idea: Long EUR/CAD
FxWirePro's Hourly EUR Spot Index at 0530 GMT 99.2482 (Bullish)
FxWirePro's Hourly CAD Spot Index at 0530 GMT -97.3127 (Bearish)
Supporting Technicals:
- Bounces off 200-DMA which is strong support
- MACD shows bullish crossover on signal line
- Stochs and RSI biased higher
- Closes above 20-DMA and is currently hovering around 50-DMA
Upcoming Data - Day Ahead:
Germany: producer price inflation report will be released at 0600 GMT.
Support levels - 1.4740 (50-DMA), 1.4709 (20-DMA), 1.4648 (5-DMA)
Resistance levels - 1.4812 (Sept 6 highs), 1.4841 (100-DMA), 1.4946 (61.8% Fib retrace of 1.52580 to 1.44422 fall), 1.5020 (trendline)
Recommendation: Good to go long on dips around 1.4730/40, SL: 1.4650, TP: 1.48/ 1.4840/ 1.49/ 1.4945
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