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FxWirePro: EUR/CAD gaining momentum for a move towards 1.6250 level

• EUR/CAD   steadied around 1.6170 as investors digested Eurozone’s annual consumer price index and awaited  await Powell’s Jackson Hole speech.

• Powell's remarks on the near-term outlook for rates will be keenly watched as traders are almost fully pricing in a rate cut next month.

• Eurostat’s preliminary report on Wednesday showed the Eurozone’s annual consumer price index (CPI) rising 2%.  

• Eurostat reported that services contributed most to the annual euro area inflation, followed by food, alcohol and tobacco, and non-energy industrial goods.

• Technical are bullish, daily RSI is bullish  at 62, daily momentum studies  9 and 10 DMAs are trending up.

• Immediate resistance is located at 1.6185(23.6%fib), any close above will push the pair towards 1.6228(Higher BB).

•  Support is seen at 1.6083 (Daily low) and break below could take the pair towards 1.6015(SMA20).

Recommendation: Good to buy  around 1.6150 , with stop loss of 1.6050 and target price of 1.6250
 

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