- EUR/CAD has shown a decisive break at channel top resistance at 1.57, bias higher.
- The pair trades with a major bullish bias and momentum studies are also bullish.
- Price action holds above major moving averages and RSI is nicely converging with price action.
- MACD is above zero and biased higher which supports uptrend in the pair.
- We see scope for test of channel top at 1.6835 and we see bullish invalidation on decisive break below 200-DMA.
Support levels - 1.5853 (5-DMA), 1.5624 (20-DMA), 1.5360 (50-DMA)
Resistance levels - 1.6105 (Jan 2018 high), 1.6835 (channel top)
Recommendation: Good to go long on dips around 1.59/ 1.60, SL: 1.5680, TP: 1.6105/ 1.6250/ 1.6325/ 1.64.
FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at 112.009 (Bullish), while Hourly CAD Spot Index was at -98.0545 (Bearish) at 1100 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
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