FxWirePro: EUR/CAD extends 200-DMA breakout, eyes 61.8% Fib, stay long

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.