• FxWirePro: EUR/CAD breaks channel top at 1.57, eyes 1.61 levels, stay long

    Source: FxWire Pro - Technicals / 06 Mar 2018 06:22:53   Eastern Standard Time

    • EUR/CAD has shown a decisive break at channel top resistance at 1.57, bias higher.
    • The pair trades with a major bullish bias and momentum studies are also bullish.
    • Price action holds above major moving averages and RSI is nicely converging with price action.
    • MACD is above zero and biased higher which supports uptrend in the pair.
    • We see scope for test of channel top at 1.6835 and we see bullish invalidation on decisive break below 200-DMA.

    Support levels - 1.5853 (5-DMA), 1.5624 (20-DMA), 1.5360 (50-DMA)

    Resistance levels - 1.6105 (Jan 2018 high), 1.6835 (channel top)

    Recommendation: Good to go long on dips around 1.59/ 1.60, SL: 1.5680, TP: 1.6105/ 1.6250/ 1.6325/ 1.64.

    FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at 112.009 (Bullish), while Hourly CAD Spot Index was at -98.0545 (Bearish) at 1100 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.

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