EUR/USD: Longs need stops below 1.1660

Jason Sen DayTradeIdeas.co.uk

EUR/USD, USD/CAD, GBP/CAD

EURUSD bottomed exactly at the strongest support for this week at 1.1700/1.1680 yesterday as we look for first target 1.1745/50.

USDCAD remains in an erratic & random sideways trend for more than 2 months.

GBPCAD longs best support at 1.7440/30 worked perfectly on the bounce to the first target 1.7500/10 for an easy 70 pip profit.

Daily analysis

EURUSD just tested strongest support for this week at 1.1700/1.1680. Longs need stops below 1.1660. A break lower is an important sell signal.

Longs at 1.1700/1.1680 initially target 1.1745/50 before a selling opportunity at 1.1790/1.1810 with stops above 1.1820.

USDCAD held minor support at 1.2695/85 for a bounce to 1.2800. Further gains target 1.2840/50 with first resistance at 1.2890/1.2900. Above here can retest the August high at 1.2940/50.

Minor support at 1.2745/35 & again at 1.2695/85. Strong support at 1.2660/50.

GBPCAD broke best support at 1.7440/30 so this is now first resistance. Holding here targets 1.7400 with strong support at 1.7335/15. Longs need stops below 1.7290.

Shorts at 1.7430/40 need stops above 1.7460. A break higher targets 1.7500/10, perhaps as far as 1.7540/50. A break above 1.7570 can target the August high at 1.7615/25. This met with aggressive selling last time.

Chart

Author

Jason Sen

DayTradeIdeas.co.uk

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