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FxWirePro: EUR/CAD trades in narrow range, weakness likely on break below 50-DMA

  • EUR/CAD trades in an extremely tight range, with the day's high at 1.4774 and a low of 1.4745.
     
  • Upside remains capped at 5-DMA at 1.4776, while daily cloud offers strong support at 1.4758 ahead of 50-DMA at 1.4735.
     
  • Technical studies are biased bearish. RSI and Stochs biased lower, RSI weakness seen below 50 levels.
     
  • Break below 50-DMA will see further weakness. Scope then for test of 200-DMA at 1.4643.
     
  • MACD shows bearish crossover on signal line which supports the bearish bias.
     
  • On the flipside, retrace above 20-DMA at 1.4850 invalidates bearish bias.

Support levels - 1.4758 (cloud top), 1.4735 (50-DMA), 1.47, 1.4685 (Oct 18 low), 1.46 (trendline)

Resistance levels - 1.4776 (5-DMA), 1.4850 (20-DMA), 1.5040 (Oct 31 high)

Call update: We advised a short in our previous call (http://www.econotimes.com/FxWirePro-EUR-CAD-Trade-Idea-992201) .

Recommendation: Bias lower, stay short below 50-DMA.

FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at 64.0504 (Neutral), while Hourly CAD Spot Index was at 29.312 (Neutral) at 0110 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.

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