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.



The contents of our reports are intended to be understood by professional users who are fully aware of the inherent risks in Forex, Futures, Options, Stocks and Bonds trading. INFORMATION PROVIDED WITHIN THIS MATERIAL SHOULD NOT BE CONSTRUED AS ADVICE AND IS PROVIDED FOR INFORMATION AND EDUCATION PURPOSES ONLY.

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