FxWirePro: EUR/CAD extends weakness below cloud, eyes 78.6% Fib at 1.4944

EUR/CAD chart on Trading View used for analysis 

• EUR/CAD is trading largely muted on the day, trading at 1.50 at 1300 GMT.
   
• The pair is extending weakness below daily cloud, bias lower.
   
• Price action has broken major trendline support at 1.5065 and is on track to test 78.6% Fib at 1.4944.
   
• The pair has slipped below major moving averages on the daily charts and recovery remains capped at 5-DMA.
   
• Stochs and RSI are biased lower and MACD supports weakness. Break below 78.6% Fib to see further downside.
   
• On the upside, 5-DMA is immediate resistance at 1.5059. Bearish invalidation only above 200-DMA.

Support levels - 1.4944 (5-DMA), 1.4914 (Dec 3rd low), 1.4855 (88.6% Fib)

Resistance levels - 1.5060 (5-DMA), 1.5134 (21-EMA), 1.5166 (200-DMA)

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.