Cloud caps upside in EUR/CAD, technical studies bearish.
After struggling at major trendline resistance, the pair has slipped lower to break daily cloud.
Scope for test of trendline at 1.4625. Violation there then eyes 200-DMA at 1.4457.
Focus on Eurozone final CPI, trade balance and ECB monetary policy meeting minutes for further direction.
Support levels - 1.4776 (converged 50&100 DMA), 1.4769 (cloud base), 1.4625 (trendline), 1.4457 (200-DMA)
Resistance levels - 1.4869 (cloud top), 1.4915 (5-DMA), 1.4990 (trendline)
Good to go short on decisive break below 1.4776, SL: 1.4870, TP: 1.4625/ 1.4460
After struggling at major trendline resistance, the pair has slipped lower to break daily cloud.
Scope for test of trendline at 1.4625. Violation there then eyes 200-DMA at 1.4457.
Focus on Eurozone final CPI, trade balance and ECB monetary policy meeting minutes for further direction.
Support levels - 1.4776 (converged 50&100 DMA), 1.4769 (cloud base), 1.4625 (trendline), 1.4457 (200-DMA)
Resistance levels - 1.4869 (cloud top), 1.4915 (5-DMA), 1.4990 (trendline)
Good to go short on decisive break below 1.4776, SL: 1.4870, TP: 1.4625/ 1.4460