EUR/USD: Shorts need stops above 1.2000
|EUR/USD – USD/CAD
EURUSD hit our target & 500-week moving average resistance at 1.1970/80. We topped exactly here.
USDCAD bounced from the next target of 1.2470/60 to resistance again 1.2555/65.
Daily analysis
EURUSD topped 13 pips above important 500-week moving average resistance at1.1970/80. Shorts need stops above 1.2000. A break higher targets 1.2035/45.
Holding 1.1970/80 targets strong support at 1.1930/20. Watch for a low for the morning session. If we continue lower expect strong support at 1.1885/75. Watch for a low for the day. Longs need stops below 1.1860.
USDCAD strong resistance at 1.2550/60. Minor support at 1.2530/20 but below here can target re-targets 1.2470/60.
Strong resistance at 1.2550/60 & again at important 1-month trend line resistance at1.2610/20.
Chart
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