FxWirePro: EUR/CAD finds stiff resistance at 1.51, good to go long on close above

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.