FxWirePro: EUR/CAD on track to test 78.6% Fib at 1.4944, stay short on upticks

EUR/CAD chart on Trading View used for analysis

• EUR/CAD edges lower from session highs at 1.5016, bias lower.
   
• The pair is extending weakness for the 3rd straight session, momentum bearish.
   
• The ECB and European Commission are now confirming the slowdown in the euro bloc.
   
• Stochs and RSI are sharply lower and 5-DMA is capping recovery in the pair.
   
• Next major support lies at 78.6% Fib at 1.4944 ahead of 1.4890 (trendline support).
   
• Break above 5-DMA could see upside till 21-EMA. Breakout above 200-DMA negates bearish bias.

Call update: Our previous call (https://www.econotimes.com/FxWirePro-EUR-CAD-recovery-capped-at-21-EMA-scope-for-test-of-786-Fib-good-to-stay-short-on-upticks-1496284) is progressing well.

Recommendation: Bias bearish, stay short for targets.

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.