EUR/USD, USD/CAD July 12 Forecast
EUR/USD longs at best support at 1.1265/55 worked perfectly on the bounce to 11 pips below first resistance at 1.1335/45 for a potential 60 pip profit. The pair remains in an awkward sideways trend of course with the pair unable to move in one direction for more than a day for over 2 weeks.
USD/CAD also in a well established sideways trend. Shorts at resistance at 1.3580/90, unfortunately, stopped above 1.3600 but shorts at resistance at 1.3630/40 this trade worked perfectly with up to 60 pips profit potential on the slide to 1.3570.
EUR/USD best support again at 1.1265/55. Longs need stops below 1.1240. A break lower is a sell signal (with 1.1255/65 acting as resistance) targeting 1.1215/05, perhaps as far as strong support at 1.1180/70.
Longs at 1.1265/55 target 1.1310/15 with first resistance at 1.1335/45. The scalping strategy is still the only way to trade the pair of course. Be ready to buy a break above 1.1370 for a retest of the June high at 1.1410/20.
USD/CAD holding first support at 1.3580/70 re-targets 1.3600 and resistance at 1.3630/40. Stop above 1.3650. A break higher targets 1.3660/65 before a retest of the late June high at 1.3705/15.
First support at 1.3580/70 but below here targets 1.3550 then support at 1.3500/1.3490. Longs need stops below 1.3470.
- Weekly outlook is neutral
- Daily outlook is neutral
- Short Term outlook is neutral