EUR/CAD chart on Trading View used for analysis
- EUR/CAD in the red for the 3rd straight week, bias bearish.
- The pair is extending weakness below 200-DMA.
- Downside has paused at 61.8% Fib at 1.5093, break below will see further weakness.
- Technical indicators support downside. Momentum with the bears.
- Next major support below 61.8% Fib lies at 1.5060 (trendline). Violation there to see further downside.
- On the flipside, immediate resistance lies at 5-DMA at 1.5185. Bearish invalidation only above 200-DMA.
Support levels - 1.5093 (61.8% Fib), 1.5060 (trendline), 1.50
Resistance levels - 1.5185 (5-DMA), 1.52 (200-DMA)
Recommendation: Good to go short on rallies, SL: 1.52, TP: 1.5060/ 1.50/ 1.4950
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
