EUR/USD, USD/CAD Daily Forecast: Mar 23 , 2020
EUR/USD are in a 2-week bear trend as we resume the longer-term 2-year bear trend.
USD/CAD broke strong support at 1.4250/30 with stops below 1.4200 activated but we unexpectedly bottomed exactly at the next target of 1.4170/50
Reports will be updated before European open and at about 19:00 GMT
EUR/USD breaking 1.0660/50 to target 1.0620/00 and 1.0570/60. Always safer to stick with the dominant bears with further losses targeting 1.0530/20 and minor support at 1.0500/1.0490.
Gains are likely to be limited but if we can beat 1.0660, look for minor resistance at 1.0710/30 with strong resistance at 1.0760/90. If we continue higher try shorts at 1.0840/60 with stops above 1.0900. A break higher targets 1.0920/30 and strong resistance at 1.0970/90.
USD/CAD bounce back through 1.4390/1.4410 to target 1.4480/1.4500 as I write on the open.
Above 1.4540 looks for 1.4600 before resistance at last week’s high at 1.4650. A break above 1.4670 targets 1.4770/1.4800 & 1.4860/80, perhaps as far as 1.4930/40. Next target 1.5000/20 and 1.5040/60.
First support at 1.4410/1.4390 but below here targets 1.4340/20, perhaps as far as support at 1.4260/30. A break lower targets 1.4170/50 then support at 1.4130/10.
- Weekly outlook is neutral
- Daily outlook is neutral
- Short Term outlook is neutral