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FxWirePro: EUR/CAD hovers around major trendline support at 1.4925, weakness only on break below

EUR/CAD chart on Trading View used for analysis

  • EUR/CAD is trading at 1.4960 at 0530 GMT, up 018% at the time of writing.
     
  • The single currency is extending gains ahead of the euro area PMI data. 
     
  • The bid tone around  Euro could strengthen further if the preliminary German and Eurozone PMI indices for February beat estimates.
     
  • The minutes of the European Central Bank's (ECB) January meeting, also scheduled for release today, are likely to reiterate growth concerns.
     
  • Major trend in the pair is bearish, upside finds stiff resistance at 21-EMA. Break above could see extension of upside.
     
  • On the flipside, the pair finds strong trendline support at 1.4925. Break below required for bearish continuation.

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex
 

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March 25 21:45 UTC Released

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