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EUR/USD, USD/CAD July 15 Forecast

Published 07/15/2020, 05:26 AM
Updated 07/09/2023, 06:31 AM

EUR/USD shot higher from minor support at 1.1340/30 to retest the June high at 1.1410/20. USD/CAD remains in the predicted sideways trend with perfect shorts at resistance at 1.3630/40 hitting first support at 1.3580/70 for some profit-taking.

Levels

Today’s Analysis

EUR/USD retest resistance at the June high at 1.1410/20. Be ready to buy a break above 1.1430 targeting 1.1455/60 then resistance at the 2020 high at 1.1490/99.

A reversal from 1.1410/20 targets 1.1380/70, perhaps as far as first support at 1.1340/30.

Longs need stops below 1.1310. If we continue lower look for a buying opportunity at 1.1275/65, with stops below 1.1250.

USD/CAD meets 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.

Our shorts at 1.3630/40 target first support at 1.3580/70 for profit taking with a bounce from here very possible. Longs need stops below 1.3555. A break lower targets 1.3530, perhaps as far as 1.3500/1.3490.

EUR/USD Chart

Trends

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

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