EUR/CAD Forecast: Bullish Momentum Holds Above 1.5750, Eyes 1.5845 ResistanceEUR/CAD Forecast: Bullish Momentum Holds Above 1.5750, Eyes 1.5845 Resistance

EUR/CAD Forecast: Bullish Momentum Sustains Above 1.5750

Key Points:

• EUR/CAD trades near 1.5780, holding gains from a fifth consecutive daily rally.
• RSI above 50 and EMA crossovers support a strong bullish technical setup.
• Resistance seen at 1.5845 (nine-week high) and then at 1.5920.

Technical Analysis Overview

The EUR/CAD pair maintains a firm uptrend in Friday’s Asian session, consolidating above the 1.5750 level. This comes as the pair continues its fifth consecutive day of gains, underpinned by bullish technical momentum.

Indicators Signal Ongoing Strength

• The 14-day RSI remains above 50, confirming sustained bullish sentiment.
• Price has decisively crossed over the 50-day EMA, supporting short-term bullish continuation.
• The pair continues to move within an ascending channel, suggesting a healthy uptrend.

Resistance and Support Levels

• Immediate Resistance: 1.5845 (June 12 high)
• Next Target: 1.5920 (upper bound of the ascending channel)
• Support: 1.5717 (9-day EMA)
• Secondary Support: 1.5680 (channel base)

A break above 1.5845 may trigger fresh buying interest, while a fall below 1.5717 could test the pair's bullish resolve.

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