EUR/USD: Minor resistance at 1.0960/80 for profit-taking perhaps shorts are too risky now [Video]

• AUDUSD we wrote: close below 7480 leaves a negative weekly candle for a sell signal for this week.

• The pair headed lower as predicted to 7455/45 & as far as strong support at 7400/7390. Longs need stops below 7370.

• NZDUSD broke support at 6920/10 to target 6850/40 & perhaps as far as 6785/75 this week.

• AUDJPY is likely to have formed a double top for a sell signal. Shorts at strong resistance at 9400/16  worked perfectly on the slide to my targets of 9320/00 & 9260/50 for up to 150 pips profit so far (risking 20 pips to make 150 always works!) - however we saw an unexpected bounce yesterday.

• EURUSD plunged last week as expected after the bearish engulfing candle the week before a bounce from the buy opportunity at 1.0850/20 hit the target of 1.0930/40, with a high for the day yesterday.

• USDCAD beat resistance at 1.2590/1.2610 to hit the next target & strong resistance at 1.2650/70. Shorts need stops above 1.2680.

• GBPCAD consolidating losses with no buy signal yet so further sideways trading is likely for now. Same levels apply for today.

Daily analysis

EURUSD again meets important 5 year trend line support at 1.0850/20. A low for the day exactly here on Friday & we could see that again today, to form a potential double bottom buy signal. Longs need stops below 1.0780.

Longs at 1.0850/20 target 1.0900 then 1.0930/40 (a high for the day exactly here yesterday). Minor resistance at 1.0960/80 for profit taking perhaps but shorts are too risky now.

USDCAD now targets strong resistance at 1.2650/70. Shorts need stops above 1.2690. A break higher is a medium term buy signal.

Our shorts at 1.2650/70 target 1.2590/1.2610, perhaps as far as 1.2525/05. If we continue lower look for 1.2480/70. We have another buying opportunity at 1.2440/10. Longs need stops below 1.2370. A break lower is an important medium term sell signal.

GBPCAD bounces to ease severely oversold conditions as predicted. A HIGH FOR THE DAY EXACTLY AT strong resistance at 1.6460/80 for 3 days in a row. However if we continue higher expect very strong resistance at 1.6560/80.

Shorts at strong resistance at 1.6460/80 worked perfectly on the slide to minor support at 1.6410/00. Further losses can retest 1.6315/1.6295.

AUDUSD broke first support at 7540/20 to hit my target & strong support at 7400/7390. Longs need stops below 7375. A break lower is a sell signal targeting 7320/10

First resistance at 7490/7510. Shorts need stops above 7520.

NZDUSD breaks support at 6920/10 to target support at 6850/40 (hit on Monday), perhaps as far as strong support at 6790/80. Longs need stops below 6760.

Strong resistance at 6910/30. Shorts need stops above 6945.