FxWirePro: EUR/CAD retreats slightly but trend is still bullish

• EUR/CAD  eased  on Thursday as traders avoided making new bets  and waited for the Federal Reserve's three-day annual Jackson Hole symposium.

• The symposium begins Thursday, with attention on Fed Chair Powell’s Friday speech for clues on a potential September rate cut.

• Fed Chair Jerome Powell is set to speak Friday at the August 21–23 Jackson Hole event, with investors closely watching whether he emphasizes support for the labor market or continued efforts to curb inflation.

• On the data front, Euro zone business activity accelerated in August, PMI data showed, with Germany registering its fastest growth since March and France's downturn easing.

• Technical are bullish, daily RSI is bullish  at 58, daily momentum studies  9 and 10 DMAs are trending up.

• Immediate resistance is located at 1.6199(23.6%fib), any close above will push the pair towards 1.6242(Higher BB).

•  Support is seen at 1.6026 (SMA 20) and break below could take the pair towards 1.5940(38.2%fib).

Recommendation: Good to buy  around 1.6120 , with stop loss of 1.6050 and target price of 1.6200