EUR/USD: Buy signal above 1.0890
|EUR/USD – USD/CAD
EURUSD traded in a short term sideways consolidation phase up until late yesterday but the break above 1.0880/90 is a buy signal for today.
USDCAD breaks key support at 1.4400/1.4380 then gave us a nice bounce back to get in to a short before the drop to our buying opportunity at 1.4260/30, but stops were activated below 1.4200 Reports will be updated around lunchtime GMT if necessary.
Daily Analysis
EURUSD has a buy signal on the break above 1.0880/90 targeting 1.0950. A break higher is a buy signal targeting a selling opportunity at 1.0960/80 with stops above 1.1000. A break higher targets a better selling opportunity at 1.1060/80 with stops above 1.1100.
Holding below 1.0880 risks a slide to support at 108.45/35. Further losses target 1.0785/75 & 1.0750/30. Below 1.0710 risks a retest of 1.0655/35. A break below 1.0620 targets 1.0570/60, 1.0530/20 & minor support at 1.0500/1.0490.
USDCAD holding below first resistance at 1.4310/30 targets 1.4250/40 & yesterday's low at 1.4175/55. Support at 1.4130/10 but below 1.4100 is a sell signal.
First resistance at 1.4310/30 then a selling opportunity at 1.4390/1.4400 with stops above 1.4430. A break higher targets 1.4480/1.4500 before this week's high at 1.4540/60. A break higher targets 1.4600 before resistance at last week's high at 1.4650. A break above 1.4670 targets 1.4770/1.4800 & 1.4860/80, perhaps as far as 1.4930/40. Next target 1.5000/20 & 1.5040/60.
Trends
Weekly outlook is neutral.
Daily outlook is neutral.
Short Term outlook is neutral.
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.