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EUR/CAD chart on Trading View used for analysis
- EUR/CAD is trading 0.37% higher on the day at 1.5268 at the time of writing.
- The pair finds stiff resistance at 200-DMA and decisive break above to see further upside.
- Technical indicators are biased higher. RSI is above 60 with toom to run further.
- Momentum studies are billush and we see the RSI and Stochs are nicely converging with price action.
- Break above 200-DMA finds next resistace at 38.2% Fib at 1.5289, 1.5371 (Sept 6 high), 1.5454 (50% Fib).
- On the flipside, rejection at 200-DMA could see weakness till 23.6% Fib at 1.5085.
Recommendation: Good to go long on breakout at 200-DMA, SL: 1.5204, TP: 1.53/ 1.5370/ 1.5450
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
