The Euro moved lower against the Canadian dollar yesterday, but later managed to hold ground around the 1.4100 support area. The EURCAD pair looks like forming a short-term bottom for a move higher towards the 1.4240 level. The German Gfk Consumer Climate Index was released earlier today, which fell a bit more than expected. The German Gfk Consumer Climate Index was down from 8.6 to 8.3, which is 0.2 points more than the market expected. However, the Euro somehow managed to survive losses after the release. The EURUSD pair was seen consolidating in a 20 pip range since the start of the London session. There is a major bullish trend line on the hourly chart of the EURCAD pair, which acted as a support for the pair recently. Moreover, the 61.8% Fibonacci retracement level of the last leg from the 1.4013 low to 1.4246 high was also sitting around the mentioned trend line. So, we can say that the bounce came from a very technical level. Currently, the pair is trading around a critical confluence area of 100 and 200 simple moving averages. If the pair succeeds in closing above the stated confluence area, then it would open the doors for a move towards the last high of 1.4240. Any further gains might take the pair towards the 1.4300 level. The hourly RSI is above the 50 level, which supports the bullish view as of now. On the other hand, if the pair moves lower from the current levels, then it might find buyers around the highlighted trend line. Overall, buying dips around the 1.4120 level is a good option as long as the trend line holds. ————————————- Posted By Simon Ji of IKOFX Guest Guest View All Post By Guest Forex News Today: Daily Trading News share Read Next Are the AUD and NZD currencies on path for more John Benjamin 8 years The Euro moved lower against the Canadian dollar yesterday, but later managed to hold ground around the 1.4100 support area. The EURCAD pair looks like forming a short-term bottom for a move higher towards the 1.4240 level. The German Gfk Consumer Climate Index was released earlier today, which fell a bit more than expected. The German Gfk Consumer Climate Index was down from 8.6 to 8.3, which is 0.2 points more than the market expected. However, the Euro somehow managed to survive losses after the release. The EURUSD pair was seen consolidating in a 20 pip range since the start… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.