FxWirePro: EUR/CAD recovery finds sellers at highs, intraday bias bearish

EUR/CAD chart - Trading View 

• EUR/CAD recovery capped below cloud, intrday bias bearish.
   
• The pair finds sellers at highs, slips lower from session highs at 1.5023 to trade at 1.4984 at 07:45 GMT.
   
• The pair is extending weakness for the 5th straight session, technical support further downside.
   
• Stochs and RSI are sharply lower and volatility is rising. Price action below major moving averages.
   
• The pair has retraced below daily cloud and 200-DMA, eyes trendline support at 1.4945.
   
• Violation at trendline support will see further downside. Bearish invalidation only above 200-DMA.

Call update: Our previous call (https://www.econotimes.com/FxWirePro-EUR-CAD-Trade-Idea-1537665) is approaching final targets.

Recommendation: Book partial profits at lows. Stay short for further downside.

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