FxWirePro: EUR/CAD near-term outlook

EUR/CAD has breached the following major supports:
- 200-DMA at 1.5199
- Major trendline support at 1.5250
- 55W SMA at 1.5152

Technical studies support further weakness
- RSI on weekly charts below 50 and biased sharply lower
 - Momentum studies bearish, stochs heavily in oversold territory
- MACD shows bearish crossover on signal line
- 5W SMA shows bearish crossover on 21W EMA

Support levels - 1.4896 (110W EMA), 1.4736 (Nov 2017 low), 1.4442 (Sept 2017 low)

Resistance levels - 1.5152 (55W EMA), 1.52 (converged 5 and 200-DMA), 1.5366 (21-EMA), 1.5402 (20-DMA)

Recommendation: Good to go short on rallies around 1.51, SL: 1.5375, TP: 1.49/ 1.4740

FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at -102.906 (Bearish), while Hourly CAD Spot Index was at 121.068 (Bullish) at 0545 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex. 

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