FxWirePro: EUR/CAD rejected at strong trendline resistance at 1.5125, bias bearish, stay short

FxWirePro's Hourly Currency Strength Index for EUR/CAD at 0330 GMT: Bearish

FxWirePro's Hourly EUR Spot Index was at -96.2772: (Bearish)

FxWirePro's Hourly CAD Spot Index was at 105.721: (Bullish)

Technical Analysis: Bearish

- Upside was rejected at major trendline resistance at 1.5125

- Price action has slipped below 5-DMA at 1.5019

- RSI and stochs are biased lower on daily charts

- MACD still supports upside in the pair, we see scope only for minor downside

- Break below 20-DMA could see weakness upto 50-DMA at 1.48 levels

Support levels - 1.4969 (May 30 low), 1.4917 (20-DMA), 1.4823 (May 10 low), 1.4802 (50-DMA)

Resistance levels - 1.5019 (5-DMA), 1.5115 (trendline), 1.5124 (Nov 17 high)

Recommendation: Good to go short on rallies around 1.50/ 1.5010, SL: 1.5115, TP:  1.4970/ 1.4920/ 1.4825/ 1.48

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