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FxWirePro: EUR/CAD Trade Idea

EUR/CAD chart - Trading View
 
Fundamental News: 
- The Eurozone manufacturing purchasing managers index (PMI) came in at a 2-month highs of 47.8 in April vs. 47.9 expected and 47.5 last.
- The services PMI fell sharply to 3-month lows of 52.5 vs. 53.3 last.
- Sluggish Euro-zone manufacturing PMI prints resurfaced market concerns about the global economic outlook

Technical Analysis: 
- Price action fails at Triangle Top and 200-DMA resistance
- Recovery lacks traction, upside capped at 21-EMA (currently at 1.5043)
- RSI is biased lower, StochsRSI rolling over from overbought zone
- Scope for weakness till 1.49, further weakness only on break below
- 21-EMA is immediate resistance, break above 200-DMA negates bearishness

Support levels - 1.4971 (Apr 9th lows), 1.49 (trendline), 1.4876 (Feb 25 low)
Resistance levels - 1.5043 (21-EMA), 1.51 (200-DMA), 1.5135 (Trendline)

Recommendation: Stay short on upticks, SL: 1.51, TP: 1.4970/ 1.49

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex
 

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