FxWirePro: EUR/CAD hovers around 100-DMA, test of 61.8% Fib likely on break above

• EUR/CAD struggled to hold break above 100-DMA on Friday's trade, slips below to close at 1.5455.
   
• We saw a potential shooting star formation on the daily candle which raised scope for weakness.
   
• However, the pair has ignored Friday's shooting star and edged higher on the day to retake 100-DMA at 1.5528.
   
• Price action rages within the cloud and is extending gains above 200-DMA.
   
• Technical indicators are biased higher and decisive break above 100-DMA will take the pair higher to test 61.8% Fib at 1.5688.
   
• The pair trades with a bullish momentum. RSI shows strength at 65 levels with room to run further. 
   
• MACD supports upside and we see +ve DMI crossover on -ve DMI which adds to the bullish bias.
   
• On the downside we see minor weakness on break below 5-DMA at 1.5444. Retrace below 200-DMA invalidates bullish bias.

Support levels - 1.5444 (5-DMA), 1.5257 (200-DMA)

Resistance levels - 1.5528 (100-DMA), 1.5688 (61.8% Fib)

Recommendation: Good to go long on breakout at 100-DMA, SL: 1.5410, TP: 1.56/ 1.5685/ 1.57

FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at 56.4969 (Neutral), while Hourly CAD Spot Index was at -175.483 (Bearish) at 1200 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.