paused its 4-week winning streak rejected at the multiple resistance zone. The cross has already lost 1.5% this week. Bulls lost the 200d&e moving averages
and 20Dsma as well. The support is found at
1.3760, 1.3690, and 1.3640. Swing low was hit at 1.3740. The 200hrsma supported the cross. Until the cross holds
the level of 1.3740, we expect mild recovery towards 1.3830 and 1.3860. In
case bulls manage to close above 1.3890, the pair will rich 1.3950,1.4040, and
1.4080 in a day or two.
Ahead of the
GDP data release, which is due on coming Tuesday, the CAD is trading higher against the euro as the Greek factor effects the single European currency. May's GDP reading was -0.2%. CAD is likely to be supported by bulls if the current reading ovecomes the level of 0.0%. In this case, the cross is likely to extend its losses further
towards 1.3690 and 1.3640. On the down
side, the strong support is found between 1.3600 and 1.3640. This view will be valid for the next week. Fresh sellings are advised below 1.3740.
The material has been provided by InstaForex Company – www.instaforex.com