EUR/USD: Buying opportunity at 1.1800

Jason Sen DayTradeIdeas.co.uk

EUR/USD – USD/CAD

EURUSD remains in a sideways trend, unable to break the November high exactly as predicted.

USDCAD has no clear trend or pattern to trade. We appear to be unable to sustain a move in 1 direction for more than 2 days, very occasionally 3 days. This has been the case since at least June.

In fact all this week we have held a 111 pip range of 1.3030-1.3141.

Daily Analysis

EURUSD first support at 1.1850/40 in the sideways trend then a buying opportunity at 1.1800/1.1785 with stops below 1.1770.

Very minor resistance at this week's high of 1.1890/93. Stronger trend line resistance at 1.1915/25. Shorts need stops above 1.1935. A break higher targets 1.1960/65.

USDCAD minor resistance at 1.3080/85 & again at 1.3115/25. Be ready to buy a break above 1.3140 targeting 1.3170/75, perhaps as far as 1.3205/15.

Minor support at 1.3040/30. On further losses look for 1.2990/80 before a retest of last week's low at 1.2935/25.

Chart

Author

Jason Sen

DayTradeIdeas.co.uk

EUR/USD bounces off lows, back to 1.1860

EUR/USD now manages to regain some balance, retesting the 1.1860-1.1870 band after bottoming out near 1.1830 following the US NFP data on Wednesday. The pair, in the meantime, remains on the defensive amid fresh upside traction surrounding the US Dollar.

GBP/USD rebounds to 1.3660, USD loses momentum

GBP/USD trades with decent gains in the 1.3660 region, regaining composure following the post-NFP knee-jerk toward the 1.3600 zone on Wednesday. Cable, in the meantime, should now shift its attention to key UK data due on Thursday, including preliminary GDP gauges.

Gold stays bid, still below $5,100

Gold keeps the bid tone well in place on Wednesday, retargeting the $5,100 zone per troy ounce on the back of humble gains in the US Dollar and firm US Treasury yields across the curve. Moving forward, the yellow metal’s next test will come from the release of US CPI figures on Friday.