EUR/USD: Shorts need stops above 1.2000

Jason Sen DayTradeIdeas.co.uk

EUR/USD – USD/CAD

EURUSD hit our target & 500-week moving average resistance at 1.1970/80. We topped exactly here.

USDCAD bounced from the next target of 1.2470/60 to resistance again 1.2555/65.

Daily analysis

EURUSD topped 13 pips above important 500-week moving average resistance at1.1970/80. Shorts need stops above 1.2000. A break higher targets 1.2035/45.

Holding 1.1970/80 targets strong support at 1.1930/20. Watch for a low for the morning session. If we continue lower expect strong support at 1.1885/75. Watch for a low for the day. Longs need stops below 1.1860.

USDCAD strong resistance at 1.2550/60. Minor support at 1.2530/20 but below here can target re-targets 1.2470/60.

Strong resistance at 1.2550/60 & again at important 1-month trend line resistance at1.2610/20.

Chart

Author

Jason Sen

DayTradeIdeas.co.uk

EUR/USD weakens to near 1.1900 as traders eye US data

EUR/USD eases to near 1.1900 in Tuesday's European trading hours, snapping the two-day winning streak. Markets turn cautious, lifting the haven demand for the US Dollar ahead of the release of key US economic data, including Retail Sales and ADP Employment Change 4-week average.

GBP/USD stays in the red below 1.3700 on renewed USD demand

GBP/USD trades on a weaker note below 1.3700 in the European session on Tuesday. The pair faces challenges due to renewed US Dollar demand, UK political risks and rising expectations of a March Bank of England rate cut. The immediate focus is now on the US Retail Sales data.

Gold sticks to modest losses above $5,000 ahead of US data

Gold sticks to modest intraday losses through the first half of the European session, though it holds comfortably above the $5,000 psychological mark and the daily swing low. The outcome of Japan's snap election on Sunday removes political uncertainty, which along with signs of easing tensions in the Middle East, remains supportive of the upbeat market mood. This turns out to be a key factor exerting downward pressure on the safe-haven precious metal.

Bitcoin Cash trades lower, risks dead-cat bounce amid bearish signals

Bitcoin Cash trades in the red below $522 at the time of writing on Tuesday, after multiple rejections at key resistance. BCH’s derivatives and on-chain indicators point to growing bearish sentiment and raise the risk of a dead-cat bounce toward lower support levels.

Follow the money, what USD/JPY in Tokyo is really telling you

Over the past two Tokyo sessions, this has not been a rate story. Not even close. Interest rate differentials have been spectators, not drivers. What has moved USD/JPY in local hours has been flow and flow alone.

Bitcoin Cash trades lower, risks dead-cat bounce amid bearish signals

Bitcoin Cash (BCH) trades in the red below $522 at the time of writing on Tuesday, after multiple rejections at key resistance. BCH’s derivatives and on-chain indicators point to growing bearish sentiment and raise the risk of a dead-cat bounce toward lower support levels.