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FxWirePro: EUR/CAD bounces off 20-DMA with 'Dragonfly Doji', break above 200-DMA to see further gains

EUR/CAD chart - Trading View 

  • EUR/CAD is extending grind higher, finds stiff resistance at 200-DMA.
     
  • The pair is trading at 1.5129 at 0615 GMT, up 0.09% till the time on the day.
     
  • Price action has bounced off 20-DMA support on Monday's trade.
     
  • The pair has also formed 'Dragonfly Doji' candlestick pattern on the daily charts on Monday which raises scope for further upside.
     
  • Technical studies are biased higher, Stochs and RSI show momentum is with the bulls.
     
  • Break above 200-DMA will confirm bullishness. Next immediate resistance lies at 1.5168 (38.2% Fib).
     
  • Immediate support lies at 5-DMA. Break below 20-DMA could see further weakness.

Support levels - 1.5106 (5-DMA), 1.5056 (20-DMA), 1.5028 (Mar 8 low)

Resistance levels - 1.5136 (200-DMA), 1.5168 (38.2% Fib), 1.5258 (50% Fib)

Recommendation: Stay long on break above 200-DMA, SL: 1.5050, TP:1.5170/ 1.5255/ 1.5275

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

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