EUR/USD: A break above 1.1035 is a buy signal

Jason Sen DayTradeIdeas.co.uk

EUR/USD – USD/CAD

EURUSD longs at 1.0880/70 hit minor resistance at 1.0930/40 for profit taking. Unfortunately we missed the selling opportunity at the 200 day moving average at 1.1005/15 by 10 pips.

USDCAD collapsed from just below our selling opportunity at 1.4010/20 all the way to our buying opportunity at 1.3850/40 but stops were activated below 1.3825.

Daily Analysis

EURUSD sell at the 200 day moving average at 1.1005/15; stops above 1.1035. A break higher is a buy signal targeting 1.1045/50 & a selling opportunity at 1.1085/95, with stops above 1.1120.

Shorts at 1.1005/15 target 1.0960/50 before a buying opportunity at 1.0925/15, with stops below 1.0895. A break lower sees 1.0915/25 work as resistance targeting a buying opportunity at 1.0880/70 with stops below 1.0855. A break lower sees 1.0870/80 work as resistance targeting 1.0830/20 for profit taking on shorts.

USDCAD outlook negative after we broke the 2 month triangle & likely to target a buying opportunity at 1.3705/1.3685 with stops below 1.3665. A break lower is a sell signal with 1.3685/1.3700 acting as resistance to target 1.3605/00.

Sell at 1.3840/50 with stops above 1.3880, targeting 1.3810/00 & 1.3760/50.

Trends

Weekly outlook is neutral.

Daily outlook is neutral.

Short Term outlook is negative.

Author

Jason Sen

DayTradeIdeas.co.uk

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