EUR/CAD chart - Trading View
- EUR/CAD is extending grind higher, hits 2-week highs at 1.5214.
- The pair has shown a berakout above 200-DMA raising scope for further upside.
- Price action has bounced off 20-DMA with a 'Dragonfly Doji' formation.
- Technical studies are biased higher, Stochs and RSI show momentum is with the bulls.
- Next immediate resistance lies at 1.5258 (50% Fib) ahead of 1.53 handle.
- 5-DMA is immediate support at 1.5163. Retrace below 200-DMA will see further weakness.
Support levels - 1.5164 (5-DMA), 1.5135 (200-DMA), 1.5056 (23.6% Fib)
Resistance levels - 1.5258 (50% Fib), 1.53, 1.5348 (61.8% Fib)
Call update: Our previous call (https://www.econotimes.com/FxWirePro-EUR-CAD-Daily-Outlook-1512778) has hit TP1/2.
Recommendation: Book partial profits at highs, hold for further upside.
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.