During previous trading session the cable surged to resistance zone located at 1.3370-1.3380 and then pulled back to the 1.3220. The plunge once again was stopped by a combination of the 55- and 100-hour SMAs, which are lying along the bottom boundary of an ascending channel. For now, such soars and retreats were proofed to be successful. Today, the rate is likely to try to plummet to the weekly PP amid the Governor Powell’s testimony before Congress and Trump’s meeting with Senate Republicans about adoption of the new tax reform. However, neither of these events is expected to stop the rate in medium perspective from reaching and making a rebound from the upper boundary of a long-term dominant descending channel near 1.3400.
