EURUSD - tested key area...
...and found buyers. The recent pull back from 1.1375 has put Euro longs under a lot of pressure particularly once trade got below 1.1059 and 200 MA, the last chance for buyers came on a re-test of the tight range (boxed) which coincided with trend line test. So far the area is holding and consolidating above, a move back above 1.1059 will be necessary to confirm the renewed strength. Any break into the range and through both trend lines should see a quick fall to 1.0775 as the area is well traded so no longer needs to hold.
EURGBP - beware being late to the party
With the aforementioned strength in the Euro and the fears around the growing strength of the Brexit campaign, EURGBP looks fundamentally to be heading only one way. The technical picture looks strong too, there is an inside week break which will be confirmed with a close above .7485 today. A close above .7897 looks particularly bullish and the market is above .7756 pivot area. However, it is very easy to see the obvious; the Brexit story is everywhere now and many participants will have been playing it for a while. The inverse Head and Shoulders target is .7993 an overshoot runs into levels .8039-65 (circled) and could see resistance as profit is taken.
USDCAD - last chance for bulls
USDCAD has backed off strongly from mid January as Oil prices have stabilised around the low $30 area. Yesterday saw a break of long term trend line on increased volume and a move to 61.8% retracement of the recent swing higher, the key area is now 1.3457-35. A first time hold here is likely and will see a bounce towards 1.3635. Any close below could see some liquidation of positions with potential for a move to 1.3033.
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