EUR/USD: A break above 1.1880 targets 1.1905

Jason Sen DayTradeIdeas.co.uk

EUR/USD – USD/CAD

EURUSD remains in an erratic, volatile sideways trend. We topped exactly at 3 week trend line resistance at 1.1865/75.

USDCAD longs at our support at 1.3145/35 worked but we did not see the follow through on the upside that I had expected last week. We are only trading sideways.

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Daily Analysis

EURUSD topped exactly at 3 week trend line resistance at 1.1865/75 so we can assume a break above 1.1880 targets 1.1905/10, perhaps as far as 1.1940/50.

Shorts at resistance at 1.1865/75 worked on the slide to our target of 1.1845/35, perhaps we can reach as far as 1.1800/90. We should have some support at 1.1755/65 but below here retests last week's low at 1.1740/35.

USDCAD longs at support at 1.3145/35 worked on the bounce to the target of 1.3190/99 & almost as far as 1.3210/20. Only minor resistance at 1.3245/55. Be ready to buy a break above 1.3265 initially targeting 1.3310/20. An excellent selling opportunity at 1.3375/95 with stops above 1.3425.

We must hold 1.3130 or a break lower targets 1.3090/80 before a retest of the September low at 1.3010/00.

Chart

Author

Jason Sen

DayTradeIdeas.co.uk

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