The Eurozone single currency has edged lower by 1.59% in value against the Canadian Dollar since June 17. The currency pair was pressured south by the 50-, 100 and 200-hour SMAs.
Most likely, the exchange rate might continue its southern movement within this week’s trading sessions. Bearish traders could aim for a support level formed by the monthly S2 at 1.4784.
On the other hand, the currency exchange rate could make a U-turn from the current price level at 1.4841 and aim for the upper border of a downtrend line at 1.5021 during the following trading sessions.
