• FxWirePro: EUR/CAD holds trendline break at 1.5940, momentum bullish, stay long

    Source: FxWire Pro - Technicals / 07 Mar 2018 05:31:40   Eastern Standard Time

    • EUR/CAD has resumed upside after brief consolidation in the previous session.
    • Downside has held trendline break at 1.5940 levels, momentum bullish.
    • The pair is extending upside after decisive break at channel top resistance at 1.57.
    • 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 - 1.5960 (trendline), 1.5928 (5-DMA), 1.5691 (1W-SMA)

    Resistance levels - 1.6105 (Jan 2018 high), 1.6360 (trendline), 1.6703 (trendline), 1.6835 (channel top)

    Call update: Our previous call (https://www.econotimes.com/FxWirePro-EUR-CAD-breaks-channel-top-at-157-eyes-161-levels-stay-long-1185177) is progressing well.

    Recommendation: Bias higher, stay long.

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