EUR/USD And USD/CAD Outlook Neutral
EUR/USD inside week as we trade sideways, holding important resistance at 1.1985/95.
USD/CAD bullish engulfing candle on the daily chart on Thursday signals a low in place in oversold conditions. We could eventually recover as far as 1.2700. On Friday we bottomed exactly at best support for the day at 1.2455 / 1.2445.
EUR/USD important 200 day moving average support at 1.1860/50 followed by more important 10 year trend line support at 1.1840/20. Try longs with stops below 1.1790. A break lower is a medium term sell signal.
Minor resistance at 1.1920/30. Strong resistance at 1.1985/95. Try shorts with stops above 1.2010. A break higher is a medium term buy signal.
USD/CAD outlook positive after last week’s buy signal. Holding above minor support at 1.2515/1.2505 targets 1.2550 and 1.2580/90. Strong resistance at 1.2615/25 for profit taking on longs.
Best support for today is at 1.2460/50, stops below 1.2440.
- Weekly Outlook Neutral
- Daily Outlook Neutral
- Short Term Outlook Neutral