FxWirePro: EUR/CAD rangebound below 55-EMA, bias bearish

EUR/CAD chart on Trading View used for analysis

• EUR/CAD is trading in a narrow range, capped below 55-EMA at 1.5020.
   
• The pair has paused 3 consecutive sessions of downside and has edged higher on the day.
   
• The euro supported by narrowing Italian-German bond yield spread after reports that Italy was looking to discuss a lower 2019 budget deficit target to 2-2.1% of GDP.
   
• Weaker German Ifo business survey fails to dampen the prevalent positive tone around the single currency.
   
• German Ifo business climate index printed at 102.00 for Nov, missing consensus estimates for a reading of 102.3.
   
• The pair is trading with slight bearish bias on ontraday charts. Scope for test of 1.4815 (major trendline).
   
• Break above 55-EMA eyes 110-EMA at 1.5093 ahead of 1.5160 (trendline)

Support levels - 1.4917 (May 30 low), 1.4848 (Oct 31 low), 1.4815 (trendline)

Resistance levels - 1.5020 (55-EMA), 1.5093 (110-EMA), 1.51

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