Last month quotations of the pair tested the confluence of supports, where several significant levels coincided:
- horizontal support area within 1.3100
- 50% abolition of the last growth impulse
- a trend line running from the low from April this year.
It may seem that this area will withstand and the course will again be directed to new maxima. However, the market had different plans because the session from the previous week closed significantly under the support area.
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In turn, during yesterday’s session, we got to know some important data from Canada, which led to the strengthening of CAD. Previously, however, a new resistance at 1.3100 and a averages EMA 10/20 channel was tested positively.
If the resistance is maintained during subsequent sessions, the course may continue to move to support 1,2800. Another significant level can be found at 1.2750.
