EUR/USD: Longs need stops below 1.1975

Jason Sen DayTradeIdeas.co.uk

EUR/USD, USD/CAD, GBP/CAD

EURUSD beat 500 week moving average resistance at 1.1970/80 to top at the next target & resistance 1.2035/55 as predicted.

USDCAD trades up one day, down the next day in the sideways trend. Very much stuck in an erratic range. No swing trade opportunities.

GBPCAD unexpectedly rocketed through all resistance in one of the biggest rallies for this year so far.

Daily Analysis

EURUSD hit the next target & resistance at 1.2035/55 with a high for the day as predicted. We are trying a break higher as I write to target 1.2075. We should struggle to beat this level this morning. Above 1.2080 look for 1.2095/1.2105 & trend line resistance at 1.2130.

Failure to hold above 1.2030 risks a slide to support at 1.1995/85. Longs need stops below 1.1975.

USDCAD held first resistance at 1.2520/30 to target first support at 1.2470/60. (We bottomed exactly here on Monday). A break lower targets 1.2430/20.

First resistance at 1.2520/30. Strong resistance at 1.2555/65 & again at important 1 month trend line resistance at 1.2610/20.

GBPCAD rockets almost 480 pips in 2 days. Holding strong support at 1.7455/45 targets 1.7510/20 & first resistance at yesterday’s high at 1.7540/44. A break above 1.7555 targets 1.7600/15.

Strong support at 1.7455/45. Longs need stops below 1.7420. Next target is 1.7400.

Chart

Author

Jason Sen

DayTradeIdeas.co.uk

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