EUR/USD: A break above 1.2245 is a buy signal
|EUR/USD – USD/CAD
EURUSD down on Monday, recovers all the losses on Tuesday, then gives up all ofTuesday's gains on Wednesday.
USDCAD we wrote: held below 1.2780/2800 hitting targets 1.2750/40 & 1.2720/10. Abreak below 1.2695 targets 1.2675/70...
All targets hit.
Daily Analysis
EURUSD retests this week's low at 1.2140/30. I do not see this as strong support sobe ready to sell a break below 1.2120 targeting 1.2100/90 then support at 1.2070/60for profit taking on shorts.
Minor resistance at 1.2170/80 but above here retests resistance at 1.2220/30. Shortsneed stops above 1.2245. A break higher is a buy signal targeting 1.2275/85 &1.2305/15. Further gains retest the 1.2340/48 high.
USDCAD held below 1.2780/2800 hitting targets 1.2750/40, 1.2720/10 & now1.2675/70 as predicted. Now we look for 1.2645/35. A break below 1.2620 is a sellsignal in the longer term bear trend, initially targeting 1.2580/70 & 1.2540/30 buteventually we look likely to test 1.2360/50.
Minor resistance at 1.2735/45 then a selling opportunity at 1.2800/20 with stopsabove 1.2840.
Chart
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