FxWirePro: EUR/CAD hovers around 20-day MA, go short if German Ifo surprisingly bearish
EUR/CAD hovers around 20-day MA at 1.4557, intraday bias lower. Upside finds stiff trendline resistance at 1.4650, pair rejected multiple times at trendline. Some weakness is seen on intraday charts, markets await German…
EUR/CAD hovers around 20-day MA at 1.4557, intraday bias lower.
Upside finds stiff trendline resistance at 1.4650, pair rejected multiple times at trendline.
Some weakness is seen on intraday charts, markets await German Ifo data.
The headline Ifo Business Climate Index is expected to tick higher to 108.5 in Aug, while the Current Assessment sub-index is seen at 114.9, compared to 114.7 last, and the Ifo Expectations Index is also expected to head north to 102.5 from the 102.2 registered previously.
If there is a bearish surprise, we expect the pair to drop to 1.45 and then 1.4465 levels.
Recommendation: Good to short break below 1.4557, SL: 1.46, TP: 1.45/ 1.4465/ 1.4430