FxWirePro's Hourly Currency Strength Index for EUR/CAD at 0330 GMT: Bearish
FxWirePro's Hourly EUR Spot Index was at -96.2772: (Bearish)
FxWirePro's Hourly CAD Spot Index was at 105.721: (Bullish)
Technical Analysis: Bearish
- Upside was rejected at major trendline resistance at 1.5125
- Price action has slipped below 5-DMA at 1.5019
- RSI and stochs are biased lower on daily charts
- MACD still supports upside in the pair, we see scope only for minor downside
- Break below 20-DMA could see weakness upto 50-DMA at 1.48 levels
Support levels - 1.4969 (May 30 low), 1.4917 (20-DMA), 1.4823 (May 10 low), 1.4802 (50-DMA)
Resistance levels - 1.5019 (5-DMA), 1.5115 (trendline), 1.5124 (Nov 17 high)
Recommendation: Good to go short on rallies around 1.50/ 1.5010, SL: 1.5115, TP: 1.4970/ 1.4920/ 1.4825/ 1.48
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