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EUR/USD Tops At 4-Week High USD/CAD Hits Target Of 1.2760/70

Published 11/16/2017, 03:29 AM
Updated 07/09/2023, 06:31 AM

EUR/USD And USD/CAD Weekly Chart

EUR/USD topped exactly at the 4 week high at 1.1853/58 but wiped out all the gains by the close. We are likely to trade sideways in the 1.1560-1.1890 range for the foreseeable future. Outlook is more negative for today and holding below 1.1785/95 targets 1.1750/45. If we continue lower look for a buying opportunity at 1.1720/10, with stops below 1.1690.

Bulls must beat 1.1810 to get back in control targeting 1.1833/36 and 1.1853/58. On further gains we could top at strong resistance at 1.1880/90.

USD/CAD hit the next target of 1.2760/70 as expected as we look for 1.2785 before minor resistance at 1.2810/20. First support at 1.2720/10 to try longs with stops below 1.2985. A break below the November low at 1.2662 risks a slide to 1.2645/40 before a buying opportunity at 1.2590/80.

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