FxWirePro: EUR/CAD extends weakness after rejection at 21-EMA, eyes 61.8% Fib at 1.5095

• EUR/CAD hits 7-week lows at 1.5125, further downside on cards.
   
• The pair has slipped below 200-DMA and daily cloud.
   
• Momentum indicators are highly bearish. RSI at 34 and sharply lower.
   
• DMI support downside and MACD suggests continuation of bearish trend.
   
• Recovery was rejected at 21-EMA and bears now target next immediate support at 61.8% Fib at 1.5095.
   
• Break below will see test of major trendline support at 1.5045. 

Support levels - 1.5095 (61.8% Fib), 1.5045 (trendline), 1.50

Resistance levels - 1.5196 (5-DMA), 1.5291 (21-EMA)

Recommendation: Good to stay short around 1.5160/90, SL: 1.5295, TP: 1.5090/ 1.5045/ 1.50

FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at -107.784 (Bearish), while Hourly CAD Spot Index was at 96.5652 (Bullish) at 1045 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.