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EUR/CAD chart on Trading View used for analysis
- EUR/CAD is trading 0.26% higher on the day at 1.5251 at the time of writing.
- The pair has halted upside just shy of 38.2% Fib, retracing from highs of 1.5285.
- 200-DMA is stiff resistance at 1.5250 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 bullish and we see the RSI and Stochs are nicely converging with price action.
- Decisive break above 200-DMA could see upside till 61.8% Fib at 1.5619.
- On the flipside, rejection at 200-DMA could see weakness till 23.6% Fib at 1.5085.
Support levels - 1.5187 (5-DMA), 1.51, 1.5085 (23.6% Fib)
Resistance levels - 1.5250 (200-DMA), 1.5289 (38.2% Fib), 1.53, 1.5371 (Sept 6 high)
Recommendation: Good to go long on breakout at 200-DMA, SL: 1.5185, TP: 1.53/ 1.5370/ 1.54
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
