EUR/CAD chart - Trading View
- EUR/CAD breaks into daily cloud, tests 200-DMA resistance, bias higher.
- Growing risk-on sentiment amid optimism surrounding Brexit supports the single currency.
- Technical indicators are bullishly aligned. RSI is above 50 and sharply higher.
- Breakout at 200-DMA will see test of 50% Fib at 1.5258. Breakout above cloud will see further gains.
- On the flipside, 21-EMA is strong support (currently at 1.5067). Break below will see weakness.
Support levels - 1.5103 (110-EMA), 1.5079 (55-EMA), 1.5067 (21-EMA)
Resistance levels - 1.5136 (200-DMA), 1.5168 (38.2% Fib), 1.52, 1.5258 (50% Fib)
Recommendation: Good to go long on breakout at 200-DMA, SL: 1.5065, TP: 1.5165/ 1.52/ 1.5255.
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
