EUR/USD: Buying opportunity at 1.1800
|EUR/USD – USD/CAD
EURUSD remains in a sideways trend, unable to break the November high exactly as predicted.
USDCAD has no clear trend or pattern to trade. We appear to be unable to sustain a move in 1 direction for more than 2 days, very occasionally 3 days. This has been the case since at least June.
In fact all this week we have held a 111 pip range of 1.3030-1.3141.
Daily Analysis
EURUSD first support at 1.1850/40 in the sideways trend then a buying opportunity at 1.1800/1.1785 with stops below 1.1770.
Very minor resistance at this week's high of 1.1890/93. Stronger trend line resistance at 1.1915/25. Shorts need stops above 1.1935. A break higher targets 1.1960/65.
USDCAD minor resistance at 1.3080/85 & again at 1.3115/25. Be ready to buy a break above 1.3140 targeting 1.3170/75, perhaps as far as 1.3205/15.
Minor support at 1.3040/30. On further losses look for 1.2990/80 before a retest of last week's low at 1.2935/25.
Chart
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.