The common European currency appreciated about 107 base points against the Canadian Dollar during last week’s trading session. The exchange rate tested a resistance cluster formed by the combination of the weekly and the monthly pivot points at 1.5161 on Friday.
The 50-, 100– and 200-hour SMAs are currently providing support for the currency pair at 1.5052.
If the support cluster holds, bullish traders could push the currency exchange rate towards a psychological resistance level at 1.5200.
However, if the pair passes the cluster as mentioned earlier, a decline towards the 1.4949 regions could be expected.
