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EUR/CAD chart on Trading View used for analysis
- EUR/CAD is extending break above 200-DMA, bias in bullish.
- Price action hovers around weekly cloud top and break above will see acceleration in upside.
- Technical studies are biased higher. RSI and Stochs are nicely converging with price action.
- Momentum studies are bullish, RSI is above 60 with room to run further.
- Price has broken above 38.2% Fib and is above daily cloud and major moving averages.
- We see scope for test of 61.8% Fib at 1.5619. Bullish invalidation on retrace below 200-DMA.
Support levels - 1.5289 (38.2% Fib), 1.5273 (5-DMA), 1.5243 (200-DMA)
Resistance levels - 1.54, 1.5454 (50% Fib), 1.5619 (61.8% Fib)
Call update: Our previous call (https://www.econotimes.com/FxWirePro-EUR-CAD-Trade-Idea-1474993) has hit TP1/2.
Recommendation: Book partial profits, hold for 1.5455/ 1.55/ 1.5615
For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
