FxWirePro: EUR/CAD holds above 21-EMA at 1.5086, weakness only on break below

Refer EUR/CAD chart on Trading View

• The single currency is extending weakness ahead of German IFO business climate data.
   
• EUR/CAD is trading 0.17% lower at 1.5110 at the time of writing.
   
• The pair is holding above strong support at 21-EMA at 1.5086, break below will see further weakness. 
   
• On the weekly charts, the pair has edged higher with hammer formation at lows.
   
• However, the pair has been struggling to break past 55W EMA at 1.5172.
   
• Focus on German IFO business climate for August. Expectations are for German IFO business climate to arrive at 102.0 versus 101.7 previous. Upbeat data could stall downside.

Support levels - 1.5086 (21-EMA), 1.50, 1.4917 (May 30 low)

Resistance levels - 1.5172 (55W EMA), 1.52, 1.5241 (21W EMA)

FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at 61.3894 (Neutral), while Hourly CAD Spot Index was at -7.07165 (Neutral) at 0700 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.