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FxWirePro: EUR/CAD capped below daily cloud, stay long on break above

EUR/CAD chart on Trading View used for analysis

  • EUR/CAD has paused upside, trades 0.25% lower on the day.
     
  • Upside has been capped at daily cloud and we see further gains only on break above.
     
  • Momentum studies are bullish, RSI above 50 levels and MACD is also biased higher.
     
  • Break above cloud targets 200-DMA at 1.5354. Violation there could see further upside.
     
  • Major trend in the pair is bearish. Rejection at daily cloud could see resumption of weakness.

Support levels - 1.5025 (21-EMA), 1.5011 (5-DMA)

Resistance levels - 1.5165 (110-EMA), 1.5255 (trendline), 1.5354 (200-DMA)

Recommendation: Good to go long on breakout at daily cloud, SL: 1.5030, TP: 1.5275/ 1.53/ 1.5355 

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

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