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FxWirePro: EUR/CAD bounces off trendline support, break above 20-DMA to see further upside

EUR/CAD chart on Trading View used for analysis

  • EUR/CAD is trading in a narrow range at 1.4988 at 1000 GMT.
     
  • The pair finds stiff resistance at 20-DMA at 1.5014, break above to see further upside. 
     
  • German IFO business climate deteriorates to 98.5 in Feb, misses estimates, weighing on the euro.
     
  • ECB minutes on Thursday had a dovish tilt, acknowledging that near-term growth is likely to be weaker than expected.
     
  • The central bank added that more data is still needed to assess more medium term impacts.
     
  • 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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