EUR/USD: bulls need to use 1.0810 to regroup
|EUR/USD – USD/CAD
EURUSD breaks important support at the 2019 low of 1.0885/77 for a sell signal targeting 1.0840/30 (hit yesterday) then 2 year trend line support at 1.0810/00 for profit taking on shorts.
USDCAD bottomed exactly at strong support at 1.3240/30 & held above here all day. Obviously this is key to direction today.
Daily Analysis
EURUSD hit the next downside target of 1.0840/30 yesterday as we look for 2 year trend line support at 1.0810/00 for profit taking on shorts. A weekly close below 1.0790 tonight is a sell signal for start of next week despite severely oversold conditions.
Bulls need to use 1.0810/00 to regroup. It is a low risk long trade in oversold conditions with stops below 1.0790. If a bounce from here is seen, look for 1.0830/35 & 1.0860/65. Above 1.0875 targets 1.0890/1.0900.
USDCAD bottomed exactly at our buying opportunity at 1.3240/30 with a 30 pip bounce followed by a second buying opportunity at the level yesterday. Further gains today target 1.3275/85. Above 1.3295 look for 1.3310/20 before the high at 1.3329, coupled with strong resistance at 1.3345/50. Shorts need stops above 1.3365.
Best support at 1.3240/30 & we held exactly as predicted. However be ready to sell a break below 1.3220 for a buying opportunity at 1.33185/75, with stops below 1.3160.
Trends
Weekly outlook is neutral.
Daily outlook is neutral.
Short Term outlook is negative..
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.