- 50-DMA currently at 1.4738 is major support for EUR/CAD, we see weakness only on break below.
- Upside has broken above 5-DMA at 1.4782 and is currently hovering around 1.4797 levels.
- Daily cloud offers strong support at 1.4758 ahead of 50-DMA at 1.4738.
- Technical studies on intraday charts are neutral. RSI is flat, but Stochs are at oversold levels which raises scope for upside.
- Break below 50-DMA will see further weakness. Scope then for test of 200-DMA at 1.4654.
- On the flipside, retrace above 20-DMA at 1.4854 invalidates bearish bias. Scope then for test of 1.5120 (trendline).
Support levels - 1.4781 (5-DMA), 1.4758 (cloud top), 1.4737 (50-DMA), 1.47, 1.4685 (Oct 18 low)
Resistance levels - 1.4854 (20-DMA), 1.5040 (Oct 31 high), 1.5120 (trendline)
Recommendation: Watch out for break above 20-DMA to go long.
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