EUR/USD – USD/CAD
EURUSD sees a good recovery from the most support for last week at 1.1700/1.1690 to 1.1785. We could be forming an inverse head & shoulders on the 1 hour chart with neck line at 1.1780/90.
USDCAD dipped as far as 1.2527 & held first resistance at 1.2580/90.
EURUSD break above a small inverse head & shoulders neck line at 1.1780/90 is positive for today & can target 1.1820/30, perhaps as far as 1.1850/60 this week.
Minor support at 1.1750/40 (& we bottomed exactly here on Friday). Best support at 1.1710/1.1690 (where we watch for a double bottom bullish pattern). However a break below 1.1675 likely to trigger further losses to 1.1640/30 & perhaps as far as 1.1610/00.
USDCAD retraces about 40% of the recent recovery to hit 1.2527. First resistance at 1.2580/90. A break higher can target last week’s high at 1.2635/45. A break above 1.2650 targets first resistance at 1.2685/95. Bulls then need a break above 1.2700 to trigger further gains.
First support at 1.2540/30 could hold the downside. Below 1.2520 however targets 1.2500/1.2480. Below 1.2460 risks a slide to to 1.2430/20 before a retest of the March low at 1.2370/60.
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.