USD/CAD has an excellent buying opportunity at 1.3150

Jason Sen DayTradeIdeas.co.uk

EUR/USD and USD/CAD Daily Forecast

EUR/USD difficult the end of the week as we collapsed from the next target of 1.1190/99. Longs at 1.1155/45 stopped below 1.1135.

USD/CAD bottomed exactly at our excellent buying opportunity at 1.3150/40, with stops below 1.3120.

Daily Analysis

EUR/USD reversed almost 100 pips wiping out all the gains for the day. Key support at 1.1115/1.1105 but below 1.1095 risks a slide to support at 1.1065/55.

Holding key support at 1.1115/1.1105 targets 1.1145/50. A sustained break above 1.1160 is a buy signal to retest 1.1190/99. A break above 1.1205 targets 1.1225/30 & 1.1245/50.

USD/CAD has an excellent buying opportunity at 1.3150/40 with stops below 1.3120. A break lower is an important sell signal targeting 1.3100/90 & 1.3050/40.

Longs at 1.3150/40 target 1.3190/95 (hit on Friday) & 1.3215/20. Expect strong resistance at 1.3250/60 for profit taking on all remaining longs.

Trends

Weekly outlook is negative

Daily outlook is neutral

Short Term outlook is neutral

Author

Jason Sen

DayTradeIdeas.co.uk

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