FxWirePro: EUR/CAD rejected at session highs, mixed tone in the ZEW Survey keeps EUR suppressed

EUR/CAD chart on Trading View used for analysis

• EUR/CAD edges lower from session highs at 1.50, trades at 1.4950 at 1210 GMT.
   
• Upside in the pair is capped below 20-DMA and we see any upside only on break above.
   
• The single currency is suppressed after a mixed tone in the ZEW Survey earlier today.
   
• EMU Current Account shrunk at a seasonally adjusted €16.2 billion in December from €22.7 billion in the previous month.
   
• Economic Sentiment in Germany improved a tad to -13.4 while Current Conditions dropped to 15.0, missing consensus.
   
• On the broader euro area, the Economic Sentiment also surprised to the upside, coming in at -16.6.
   
• Technical studies are bearish. Price action below cloud and major moving averages. 
   
• Price is on track to test trendline support at 1.4920. Break below eyes 88.6% Fib at 1.4855.

Support levels - 1.4920 (trendline), 1.4855 (88.6% Fib)

Resistance levels - 1.50, 1.5036 (21-EMA), 1.51

Recommendation: Good to stay short on upticks, SL: 1.5040, TP: 1.4920/ 1.4855

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