FxWirePro: EUR/CAD struggles to hold break above 200-DMA, slips below 5-DMA

• EUR/CAD has retraced almost all gains above 200-DMA break.
   
• The pair has slipped below 5-DMA and is now struggling to hold above 200-DMA currently at 1.4354.
   
• Break below 200-DMA will see a reversal to the downside, test of 20-DMA at 1.4225 then likely.
   
• On the hourly charts we see the pair is holding major trendline support at 1.4370.
   
• Price action on the hourly charts has slipped below Ichi cloud after breaking 100-SMA support.
   
• Technical on the hourlies, however, do not support further downside for now. Downside momentum is seen fading.

Call update: Our previous call (http://www.econotimes.com/FxWirePro-EUR-CAD-hovers-around-200-DMA-good-to-go-long-on-break-above-600043) has almost hit TP2.

Price has retraced from near 1.45 levels. We see risk to further upside if the pair breaks below 200-DMA. 

FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at -48.4474(Neutral), while Hourly CAD Spot Index was at 87.3413 (Bullish) at 0615 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.