EUR/USD failure to beat first resistance at 1.1100/10

Jason Sen DayTradeIdeas.co.uk

EUR/USD - USD/CAD

EURU/SD trades sideways in a range.

USD/CAD now hovering around the 1.3130/40 level & unable to beat the next level of 1.3185/90.

Daily Analysis

EUR/USD failure to beat first resistance at 1.1100/10 risks a retest of strong support at 1.1070/60. Longs here need stops below 1.1050.

A break lower targets 1.1020/15. A break above 1.1115 targets quite strong resistance at 1.1140/45. Above 1.1055 allows a recovery to 1.1165/70 before a of retest 1.1190/99 December highs. A break above 1.1205 targets 1.1225/30 & 1.1245/50.

USD/CAD has tumbled back to 1.3100/90 with 200 week moving average support at 1.3080/70 the best support this week. A break lower is an important medium term sell signal therefore, initially targeting 1.3050/40 but significant further losses are expected.

Strong resistance at 1.3145/55. Try shorts with stops above 1.3175.

Trends

Weekly outlook is negative.

Daily outlook is neutral.

Short Term outlook is neutral.

Author

Jason Sen

DayTradeIdeas.co.uk

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