FxWirePro: EUR/CAD slips below 78.6% Fib at 1.4944, bias lower, stay short

EUR/CAD chart on Trading View used for analysis

• The single currency remains bid as we await EU preliminary Q4 GDP data. 
   
• EUR/CAD trades 0.08% higher at 1.4935 at 0910 GMT, bias remains bearish.
   
• Technical studies are bearish. Price action below cloud and major moving averages. 
   
• Price action has slipped below 78.6% Fib and is on track to test trendline support at 1.4890.
   
• On the flipside, 21-EMA is strong resistance at 1.5054. Break above 200-DMA negates bearish bias.
   
• Focus now on EU preliminary Q4 GDP data for further impetus, poor data could exacerbate euro decline.

Call update: Our previous call (https://www.econotimes.com/FxWirePro-EUR-CAD-recovery-capped-at-21-EMA-scope-for-test-of-786-Fib-good-to-stay-short-on-upticks-1496284) is approaching TP2.

Recommendation: Book partial profits at lows, hold for further downside.

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