EUR/USD: Strong resistance at 1.2160/80

Jason Sen DayTradeIdeas.co.uk

EUR/USD, USD/CAD, GBP/CAD

EURUSD strong resistance at 1.2160/80 today.

USDCAD bottomed exactly at 8 month descending trend line support 1.2260/40 as predicted.

GBPCAD broke strong support at 1.7090/70 in a near 200 pip collapse. The pair lost 400 pips this week.

Daily analysis

EURUSD minor support at 1.2020/10. A break below 1.2000 meets the best support this week at 1.1970/50. Longs need stops below 1.1925.

A bounce from 1.2020/10 allows a recovery to strong resistance at 1.2060/80. Shorts need stops above 1.2100.

USDCAD holding strong support at 1.2260/40 in oversold conditions as expected. A break lower to however meets strong 500 week moving average support at 1.2190/80. Longs need stops below 1.2150.

The pair topped exactly at first resistance at 1.2320/30 again as expected. A break higher targets 1.2350/60. If we continue higher look for 1.2380/85 & strong resistance at 1.2410/30.

GBPCAD minor resistance at 1.7035/45 & stronger resistance at 1.7095/05. A break higher targets 1.7060/70.

A break below 1.6945 targets 1.6885/65, perhaps as far as 1.6825/15.

Chart

Author

Jason Sen

DayTradeIdeas.co.uk

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