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EUR/USD, USD/CAD And GBP/CAD Daily Forecast

EUR/USD, USD/CAD And GBP/CAD Daily Forecast

EUR/USD topped exactly at the ascending 11 month trend line which is at 1.2250/60. Shorts offered up to 80 pips profit on the slide to first support at 1.2180/70. We bottomed exactly here.

USD/CAD establishes a 100 pip consolidation range from 1.2045/35 up to 1.2135/45.

GBP/CAD in a random and erratic sideways trend for 18 months. We held a range of 150 pips for 2 weeks. Same levels apply for today.

Today’s Analysis

EUR/USD shorts at resistance at 1.2250/60 work on the slide to first support at 1.2180/70. We bottomed exactly here. A buying opportunity at 1.2140/30 today, stop below 1.2120. A break lower targets 1.2095/90 and 1.2060/50.

Minor resistance at 1.2205/15. Important resistance again at 1.2250/60. Stop above 1.2280. A break higher is a buy signal targeting 1.2310/15 and the 2021 high at 1.2340/50.

USD/CAD meets minor resistance at 1.2135/45. Strong resistance at 1.2180/90. Shorts need stops above 10 month trend line resistance at 1.2200/10. A break higher is a buy signal initially targeting 1.2255 then 1.2270/80.trades sideways to ease oversold conditions, holding minor resistance at 1.2090/1.2100. Above 1.2110

1 week trend line support at 1.2045/35 then 10 year 50% Fibonacci of 1.2040/30. A break below 1.2010 today risks a slide to to 1.1950/30, perhaps as far as 1.180/70.

GBP/CAD holding first resistance at 1.7150/60 all this week. Further gains can target 1.7240/60.

The pair held minor support at 1.7035/25 perfectly last week and again all this week, but below 1.7000 can retest 1.6955/45. Below here can retest 1.6875/65 lows. A break lower however targets 1.6825/15.

EUR Chart

Disclaimer: No representation or warranty is made as to the accuracy or completeness of this information and opinions expressed may be subject to change without notice. Estimates and projections set forth herein are based on assumptions that may not be correct or otherwise realised. All reports and information are designed for information purposes only and neither the information contained herein nor any opinion expressed is deemed to constitute an offer or invitation to make an offer, to buy or sell any security or any option, futures or other related derivatives.

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