FxWirePro: EUR/CAD rangebound above 20-DMA at 1.5126, weakness only on close below

• EUR/CAD is trading in a narrow range above strong support at 20-DMA at 1.5126.
   
• Price action is above daily cloud and major moving averages, bias slightly bullish.
   
• The pair has ignored 'Shooting Star' formation, upside resumes after Doji formation on previous week's candle.
   
• The pair is trading in Rising Wedge pattern and is currently consolidating breakout of 'Symmetric Triangle' on daily charts.
   
• Intraday bias higher, price action retakes 20-DMA. Scope for test channel top at 1.54.
   
• Bearish invalidation on close below 20-DMA. We could then see test of 50-DMA at 1.4977.

Call update: Our previous call (http://www.econotimes.com/FxWirePro-EUR-CAD-Trade-Idea-1063204) has hit TP1.

Recommendation: Hold for further upside, advice trade with tight stop loss.

FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at 61.4739 (Neutral), while Hourly CAD Spot Index was at -105.817 (Bearish) at 0640 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.

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