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

EUR/USD extends its optimism past 1.1900

EUR/USD retains a firm underlying bid, surpassing the 1.1900 mark as the NA session draws to a close on Monday. The pair’s persistent uptrend comes as the US Dollar remains on the defensive, with traders staying cautious ahead of upcoming US NFP prints and CPI data.

GBP/USD hits three-day peaks, targets 1.3700

GBP/USD is clocking decent gains at the start of the week, advancing to three-day highs near 1.3670 and building on Friday’s solid performance. The better tone in the British Pound comes on the back of the intense sekk-off in the Greenback and despite re-emerging signs of a fresh government crisis in the UK.

Gold picks up pace, retargets $5,100

Gold gathers fresh steam, challenging daily highs en route to the $5,100 mark per troy ounce in the latter part of Monday’s session. The precious metal finds support from fresh signs of continued buying by the PBoC, while expectations that the Fed could lean more dovish also collaborate with the uptick.

XRP struggles around $1.40 despite institutional inflows

Ripple (XRP) is extending its intraday decline to around $1.40 at the time of writing on Monday amid growing pressure from the retail market and risk-off sentiment that continues to keep investors on the sidelines.

Japanese PM Takaichi nabs unprecedented victory – US data eyed this week

I do not think I would be exaggerating to say that Japanese Prime Minister Sanae Takaichi’s snap general election gamble paid off over the weekend – and then some. This secured the Liberal Democratic Party (LDP) an unprecedented mandate just three months into her tenure.