FxWirePro: EUR/CAD Trade Idea

FxWirePro's Hourly Currency Strength Index Bias for EUR/CAD: Bearish

FxWirePro's Hourly EUR Spot Index was at -112.487 : Bearish

FxWirePro's Hourly CAD Spot Index was at 108.342 : Bearish

Technical Studies: Bias bearish

- RSI and Stochs biased lower, RSI weakness seen below 50 levels

- MACD shows bearish crossover on signal line

- Price action dips into daily cloud, hovers around 100-DMA at 1.4759

- 5-DMA sharply lower and has shown bearish crossover on 20-DMA

Support levels - 1.4741 (50-DMA), 1.47, 1.4685 (Oct 18 low), 1.46 (trendline)

Resistance levels - 1.4838 (5-DMA), 1.4848 (20-DMA), 1.5040 (Oct 31 high)

Recommendation: Good to go short on break below 1.4740, SL: 1.4840, TP: 1.47/ 1.4685/ 1.46.

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