EUR/CAD chart - Trading View
- EUR/CAD is on track to close in the green for the 2nd straight week.
- Eurozone industrial output fell less-than-expected, dropped by 0.2% m/m in February, against forecasts for a 0.6% drop.
- Price has bounced off major trendline support with a spinning top formation on the weekly charts.
- The pair trades in 'Falling Triangle' pattern on the daily charts and has currently paused upside at 1.51 handle.
- The pair finds stiff resistance at 1.51 (converged 200-DMA and 'Triangle top').
- Technical studies support upside. RSI above 50, bias higher. Stochs sharply bullish.
- Breakout above 1.51 handle to see gains till 38.2% Fib at 1.5168 ahead of 1.52 handle.
- Retrace below 5-DMA will see weakness till trendline support at 1.49.
Recommendation: Stay long on decisive break above 1.51, SL: 1.5050, TP: 1.5165/ 1.52
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
