EUR/USD first resistance at 1.2190/95

Jason Sen DayTradeIdeas.co.uk

EUR/USD, USD/CAD, GBP/CAD

EURUSD first resistance at 1.2190/95, first support at 1.2150/40.

USDCAD trades in a range from 1.2010/00 up to 1.2130/40 for 3 weeks. (We held 6 pips below here this week). Trade this range while we wait for a breakout (which I think is more likely to be in the direction of the negative prevailing trend).

GBPCAD holding a range of 130 pips for 4 weeks. A great market for scalpers. We bounced just 5 pips above 3 week trend line support at 1.7035/25 & topped exactly at first resistance at 1.7150/60.

Daily analysis

EURUSD first support at 1.2150/40. A break below 1.2130 is a sell signal targeting 1.2095/90 & best support for today at 1.2050/40. Longs need stops below 1.2025.

First resistance at 1.2190/95. Above 1.2205 look for 1.2235/45. Bulls then need a break above last week’s high at 1.2254 for a buy signal.

USDCAD retests very minor support at 1.2070/80. A bounce from here re-targets 2 week trend line resistance at 1.2135/45. A high for the day possible but shorts need stops above 1.2155. Strong 9 month trend line & 200 week moving average resistance at 1.2180/1.2200.

10 year 50% Fibonacci support at 1.2040/30. A break below 1.2000 is a sell signal targeting 1.1950/30, perhaps as far as 1.1880/70.

GBPCAD topped exactly at first resistance at 1.7150/60 as we look for 1.7110/00, perhaps as far as 3 week trend line support at 1.7035/25 for profit taking. Longs need stops below 1.7015. A break lower to can target 1.6955/45.

5 week trend line resistance at 1.7150/60. Shorts need stops above 1.7180. Further gains can target 1.7240/60.

Chart

Author

Jason Sen

DayTradeIdeas.co.uk

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