EUR/USD: A break lower is a sell signal

Jason Sen DayTradeIdeas.co.uk

EUR/USD – USD/CAD

EURUSD bottomed exactly at the best support for the day at 1.1835/25 as predicted.Longs offered up to 80 pips profit.

USDCAD trades sideways in an erratic & random pattern throughout March so far,although we remain in a longer term bear trend.

Daily analysis

EURUSD bottomed exactly at the best support for today at 1.1835/25 as we becomeoversold. We held just below first resistance at 1.1925/35 where a high for the daywas expected. A break higher today is a buy signal targeting 1.1980/90.

Try longs again at 1.1835/25 with stops below 1.1790. A break lower is a sell signalinitially targeting 1.1765/55 then 1.1700/1.1690.

USDCAD holding first support at 1.2660/50 re-targets 1.2690/1.2700. A high for theday likely again today. Further gains test resistance at the 2 week high at 1.2740/50.A break higher this week is a buy signal targeting 1.2840/60.

Holding below 1.2630 risks a slide to 1.260, perhaps as far as 1.2570/60.

Chart

Author

Jason Sen

DayTradeIdeas.co.uk

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