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FxWirePro: EUR/CAD confirms cloud breakout, on track to test 200-DMA

Chart - Courtesy Trading View 

Technical Analysis: Bias Bullish

GMMA Indicator

- Minor trend has turned strongly bullish

- Major trend has turned bullish on the intraday charts

Ichimoku Analysis

- Price action has confirmed breakout above the daily cloud

- Chikou span is biased higher, raising scope for further gains

Oscillators

- Stochs and RSI are sharply higher, RSI is above 60 level

- Momentum is strongly bullish

Bollinger Bands

- Bollinger bands are wide spread, suggesting high volatility

Major Support Levels: 1.4459 (110-EMA), 1.4366 (55-EMA), 1.4279 (200H MA)

Major Resistance Levels: 1.4600 (converged 50% Fib and 200-DMA), 1.4646 (Dec 20 2021 high), 1.4716 (61.8% Fib)

Summary: EUR/CAD trades with a strong bullish bias, on track to test 200-DMA at 1.46.
 

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