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FxWirePro: EUR/CAD Daily Outlook

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
 

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