EURUSD tests key 200 day moving average resistance at 1.1880/90 – we over ran a little to 1.1910.

USDCAD holding above 1.2585/75 is more positive for today (& this level did work as support yesterday).

Daily Analysis

EURUSD tests key 200 day moving average resistance at 1.1880/90 today. A break above 1.1910 however allows a further recovery to 1.1940/50.

First support at 1.1855/45 has held so far. A break below 1.1835 puts bears back in control (we are in a 3 month bear trend) targeting 1.1800/1.1790 & 1.1745/35.

USDCAD must hold above first support at 1.2585/75 to start to build on the bounce from 1.2361. We the first target of last week’s high at 1.2635/45 & topped exactly here. A break above 1.2650 today targets resistance at 1.2685/95. Bulls then need a break above 1.2700 to trigger further gains.

Below 1.2555 however targets 1.2540/35, perhaps a retest of yesterday’s low at 1.2500/1.2495.



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