EURUSD traded in a short term sideways consolidation phase up until late yesterday but the break above 1.0880/90 is a buy signal for today.

USDCAD breaks key support at 1.4400/1.4380 then gave us a nice bounce back to get in to a short before the drop to our buying opportunity at 1.4260/30, but stops were activated below 1.4200 Reports will be updated around lunchtime GMT if necessary.


Daily Analysis

EURUSD has a buy signal on the break above 1.0880/90 targeting 1.0950. A break higher is a buy signal targeting a selling opportunity at 1.0960/80 with stops above 1.1000. A break higher targets a better selling opportunity at 1.1060/80 with stops above 1.1100.

Holding below 1.0880 risks a slide to support at 108.45/35. Further losses target 1.0785/75 & 1.0750/30. Below 1.0710 risks a retest of 1.0655/35. A break below 1.0620 targets 1.0570/60, 1.0530/20 & minor support at 1.0500/1.0490.

USDCAD holding below first resistance at 1.4310/30 targets 1.4250/40 & yesterday's low at 1.4175/55. Support at 1.4130/10 but below 1.4100 is a sell signal.

First resistance at 1.4310/30 then a selling opportunity at 1.4390/1.4400 with stops above 1.4430. A break higher targets 1.4480/1.4500 before this week's high at 1.4540/60. A break higher targets 1.4600 before resistance at last week's high at 1.4650. A break above 1.4670 targets 1.4770/1.4800 & 1.4860/80, perhaps as far as 1.4930/40. Next target 1.5000/20 & 1.5040/60.



Weekly outlook is neutral.

Daily outlook is neutral.

Short Term outlook is neutral.

The contents of our reports are intended to be understood by professional users who are fully aware of the inherent risks in Forex, Futures, Options, Stocks and Bonds trading. INFORMATION PROVIDED WITHIN THIS MATERIAL SHOULD NOT BE CONSTRUED AS ADVICE AND IS PROVIDED FOR INFORMATION AND EDUCATION PURPOSES ONLY.

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