FxWirePro: EUR/CAD slips below 50% Fib, 50-DMA at 1.4818 in sight, stay short

• EUR/CAD breaks below 50% Fib at 1.4945, intraday bias lower.
   
• Next immediate support seen at 50-DMA at 1.4818. Violation there could see further downside.
   
• Bearish RSI divergence raises scope for downside. Break below 50-DMA targets 1.4670 (38.2% Fib).
   
• Technical indicators on daily charts are biased lower, RSI and Stochs point south.
   
• Bearish Stochastics divergence seen on weekly charts, RSI is biased lower, while Stochs are on verge of rollover from overbought levels.

Support levels - 1.4818 (50-DMA), 1.47, 1.4670 (38.2% Fib)

Resistance levels - 1.4944 (50% Fib), 1.5042 (5-DMA), 1.5101 (20-DMA)

Call update: Our previous call (http://www.econotimes.com/FxWirePro-EUR-CAD-breaks-below-20-DMA-eyes-50-DMA-at-14776-stay-short-749694) has hit all targets.

Recommendation: Book partial profits at lows. Lower trailing stops to 1.4950, target 1.4820/ 1.4670.

FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at -97.1113 (Bearish), while Hourly CAD Spot Index was at 45.9345 (Neutral) at 1030 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.