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

EUR/USD recedes to daily lows near 1.1850

EUR/USD keeps its bearish momentum well in place, slipping back to the area of 1.1850 to hit daily lows on Monday. The pair’s continuation of the leg lower comes amid decent gains in the US Dollar in a context of scarce volatility and thin trade conditions due to the inactivity in the US markets.

GBP/USD resumes the downtrend, back to the low-1.3600s

GBP/USD rapidly leaves behind Friday’s decent advance, refocusing on the downside and retreating to the 1.3630 region at the beginning of the week. In the meantime, the British Pound is expected to remain under the microscope ahead of the release of the key UK labour market report on Tuesday.

Gold looks inconclusive around $5,000

Gold partially fades Friday’s strong recovery, orbiting around the key $5,000 region per troy ounce in a context of humble gains in the Greenback on Monday. Additing to the vacillating mood, trade conditions remain thin amid the observance of the Presidents Day holiday in the US.

Bitcoin consolidates as on-chain data show mixed signals

Bitcoin price has consolidated between $65,700 and $72,000 over the past nine days, with no clear directional bias. US-listed spot ETFs recorded a $359.91 million weekly outflow, marking the fourth consecutive week of withdrawals.

The week ahead: Key inflation readings and why the AI trade could be overdone

It is likely to be a quiet start to the week, with US markets closed on Monday for Presidents Day. European markets are higher across the board and gold is clinging to the $5,000 level after the tamer than expected CPI report in the US reduced haven flows to precious metals.

XRP steadies in narrow range as fund inflows, futures interest rise

Ripple is trading in a narrow range between $1.45 (immediate support) and $1.50 (resistance) at the time of writing on Monday. The remittance token extended its recovery last week, peaking at $1.67 on Sunday from the weekly open at $1.43.