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

EUR/USD looks offered below 1.1900

EUR/USD keeps its bearish tone unchanged ahead of the opening bell in Asia, returning to the sub-1.1900 region following a firmer tone in the US Dollar. Indeed, the pair reverses two consecutive daily gains amid steady caution ahead of Wednesday’s key US Nonfarm Payrolls release.

GBP/USD slips back to daily lows near 1.3640

GBP/USD drops to daily lows near 1.3640 as sellers push harder and the Greenback extends its rebound in the latter part of Tuesday’s session. Looking ahead, the combination of key US releases, including NFP and CPI, alongside important UK data, should keep the pound firmly in focus over the coming days.

Gold the battle of wills continues with bulls not ready to give up

Gold remains on the defensive and approaches the key $5,000 region per troy ounce on Tuesday, giving back part of its recent two day. The precious metal’s pullback unfolds against a firmer tone in the US Dollar, declining US Treasury yields and steady caution ahead of upcoming key US data releases.

Bitcoin's downtrend caused by ETF redemptions and AI rotation: Wintermute

Bitcoin's (BTC) fall from grace since the October 10 leverage flush has been spearheaded by sustained ETF outflows and a rotation into the AI narrative, according to Wintermute.

Dollar drops and stocks rally: The week of reckoning for US economic data

Following a sizeable move lower in US technology Stocks last week, we have witnessed a meaningful recovery unfold. The USD Index is in a concerning position; the monthly price continues to hold the south channel support.

XRP holds $1.40 amid ETF inflows and stable derivatives market

Ripple trades under pressure, with immediate support at $1.40 holding at the time of writing on Tuesday. A recovery attempt from last week’s sell-off to $1.12 stalled at $1.54 on Friday, leading to limited price action between the current support and the resistance.