EUR/USD: Shorts need stops above 1.2005

Jason Sen DayTradeIdeas.co.uk

EUR/USD, USD/CAD, GBP/CAD

EURUSD collapsed through 1.1995/90 & 1.1950/40 for a medium term sell signal.

USDCAD rocketed through strong 9 month trend line & 200 week moving average resistance at 1.2180/1.2200 for a very important longer term buy signal & an excellent swing trade opportunity over the summer.

Easy money as we shot higher by another 160 pips yesterday through the first target of 1.2330/50.

GBPCAD crawling above 5 week trend line resistance at 1.7170/80.

Daily analysis

EURUSD gains are likely to be limited with first resistance at 1.1940/50 & strong resistance at 1.1970/80. Shorts need stops above 1.2005.

Further losses are likely today with a break below 1.1890 targeting 1.1865/60 & 1.1820/10. A break below 1.1800 can target 1.1780/70 & 1.1740/30.

USDCAD longs have bagged up to 160 pips on the run to 1.2330/50. On further gains look for a test of the 100 day moving average at 1.2420/30. This is the best chance of a high for the day in overbought conditions. Shorts need stops above 1.2445. A weekly close above here is a buy signal for next week.

Downside is expected to be limited with minor support at 1.2325/15 & better support at 1.2290/80. Longs need stops below 1.2270. If we unexpectedly continue lower look for strong support at 1.2240/30.

GBPCAD struggling to make a move. Not the best market to trade as other markets breakout. A break above this week’s high at 1.7222 should be a buy signal initially targeting 1.7240/60, perhaps as far as 1.7300/10.

Minor support at 1.7170/60. Better support at 1.7140/30.

Chart

Author

Jason Sen

DayTradeIdeas.co.uk

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