• FxWirePro: EUR/CAD finds strong support at 20-dma at 1.5514, weakness only on break below

    Source: FxWire Pro - Technicals / 27 Feb 2018 06:51:20   Eastern Standard Time

    • EUR/CAD trades in a rising channel pattern and we see scope for further upside.
    • 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 - 1.5514 (20-DMA), 1.4963 (200-DMA)

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

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