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FxWirePro: EUR/CAD extends 200-DMA break, on track to test 50% Fib at 1.5258

EUR/CAD chart - Trading View 

  • EUR/CAD is extending grind higher, hits 2-week highs at 1.5214.
     
  • The pair has shown a berakout above 200-DMA raising scope for further upside.
     
  • Price action has bounced off 20-DMA with a 'Dragonfly Doji' formation.
     
  • Technical studies are biased higher, Stochs and RSI show momentum is with the bulls.
     
  • Next immediate resistance lies at 1.5258 (50% Fib) ahead of 1.53 handle.
     
  • 5-DMA is immediate support at 1.5163. Retrace below 200-DMA will see further weakness.

Support levels - 1.5164 (5-DMA), 1.5135 (200-DMA), 1.5056 (23.6% Fib)

Resistance levels - 1.5258 (50% Fib), 1.53, 1.5348 (61.8% Fib)

Call update: Our previous call (https://www.econotimes.com/FxWirePro-EUR-CAD-Daily-Outlook-1512778) has hit TP1/2.

Recommendation: Book partial profits at highs, hold for further upside.

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex
 

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