FxWirePro's Hourly Currency Strength Index for EUR/CAD at 0800 GMT: Bias Bullish
FxWirePro's EUR Spot Index: 151.38 (Bullish)
FxWirePro's CAD Spot Index: -154.222 (Bearish)
Technical Analysis: Bias Bullish
- The pair has broken above 20-DMA at 1.5063. 5-DMA has turned north.
- Price has bounced of major trendline support (Rising Wedge base) at 1.4818 and is extending upside for 4th straight session.
- Price action has broken out of daily cloud which now forms good support.
- RSI and Stochs are biased higher, RSI strength seen at 55 levels.
Support levels - 1.5063 (20-DMA), 1.4984 (5-DMA), 1.4845 (Wedge base)
Resistance levels - 1.5230 (minor trendline), 1.53 (Dec 20 high), 1.54 (Wedge top)
Recommendation: Good to go long on dips around 1.5120/30, SL: 1.5060, TP: 1.52/ 1.5230/ 1.53
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