EUR/USD: Buy signal above 1.0890

Jason Sen DayTradeIdeas.co.uk

EUR/USD – USD/CAD

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.

Trends

Weekly outlook is neutral.

Daily outlook is neutral.

Short Term outlook is neutral.

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 flat lines near 1.3650 ahead of UK and US data

GBP/USD kicks off a new week on a subdued note and oscillates in a narrow range near 1.3650 on Monday. The mixed fundamental backdrop warrants some caution for aggressive traders as the market focus now shifts to this week's important data releases from the UK and the US.

Gold corrects lower, tries to stabilize above $5,000

Gold started the week under bearish pressure and declined to the $4,960 area before staging a modest rebound. As trading volumes remain thin with the US financial markets remaining closed on Presidents' Day holiday, XAU/USD looks to stabilize above $5,000 ahead of this week's key data releases.

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.

Monero Price Forecast: XMR risks a drop below $300 under mounting bearish pressure

Monero (XMR) starts the week under pressure, recording a 4% decline at press time on Monday after a 7% drop the previous day, putting the $300 support zone in focus.