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EUR/USD And USD/CAD Forecast For Jan. 22, 2020

EUR/USD And USD/CAD Forecast For Jan. 22, 2020

EUR/USD going nowhere on the grand scale of things as we dip back towards late December lows of 1.1071/64.

USD/CAD trading sideways as we hold first support at 1.3035/30 perfectly for a bounce to minor resistance at 1.3090/99. As I write we topped exactly here. The same levels apply for today.

EUR/USD meets the best support for this week at 1.1070/60. Try longs with stops below 1.1050. A break lower is a sell signal targeting 1.1030 and 1.1005/00.

Longs at 1.1070/60 target 1.1085 then 1.1100/10, perhaps as far as a selling opportunity at 1.1130/40 with stops above 1.1150.

USD/CAD holding minor resistance at 1.3090/99. A break above 1.3105 targets 1.3130/35 and very strong resistance at 1.3165/80. Try shorts with stops above 1.3200.

We held support at 1.3035/30 for almost 2 weeks so obviously this is important on the downside this week. A break lower targets 1.3000/1.2990. Further losses risks a retest of the January low at 1.2952/47.

Trends

  • Weekly outlook is neutral
  • Daily outlook is neutral
  • Short Term outlook is neutral
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