FxWirePro: EUR/CAD edges higher from 8-week lows at 1.5463, finds strong support at 100-DMA

• EUR/CAD edges higher after 4th straight weeks of declines. Momentum still with the bears.
   
• Price has retraced from 8-week lows at 1.5463 and has broken above 5-DMA at 1.5548.
   
• Technical studies support further weakness in the pair with no clear indications of a reversal.
   
• That said, Stochs are at oversold levels and rollover into neutral territory cloud see some upside.
   
• Weekly charts are bearish. RSI and Stochs have rolled over from overbought levels.
   
• The major is currently hovering around 1.5562, close above 5-DMA will see test of 20-DMA at 1.5743.
   
• On the flipside, we see strong support at 100-DMA at 1.5455, weakness only on break below.
   
• Violation at 100-DMA raises scope for test of 200-DMA at 1.5118. We see bearish invalidation on retrace above 1.5743 (converged 50 and 20 DMAs).

FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at 32.9642 (Neutral), while Hourly CAD Spot Index was at 32.4155 (Neutral) at 0900 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest