EUR/USD was expected to hold resistance at 1.2075. We topped just 4 pips above here and sold off to 1.2020. It looks likely that further losses will be seen in to the end of the week.
USD/CAD still confusing as we remain in a 1 month sideways trend. Yesterday we shot higher to test 1 month trend line resistance at 1.2610/20.
GBP/CAD bottomed exactly at strong support at 1.7455/45. The pair shot higher as expected to first resistance at 1.7540/44 & almost as far as our upper target of 1.7600/15.
Today’s Analysis
EUR/USD held resistance at 1.2075. A high for the day is likely here if retested today. Shorts need stops above 1.2090. A break higher however targets 1.2105 and trend line resistance at 1.2130/40.
A break below 1.2020 meets first support at 1.1995/85. Below 1.1970 look for the best support for today at 1.1950/40. Longs need stops below 1.1930.
USD/CAD shot higher to test 1 month trend line resistance at 1.2610/20. We topped exactly here which risks a slide to to 1.2890/86 and first support at 1.2565/55. Best support for today at 1.2540/30. Longs need stops below 1.2520.
A break above 1.2630 should signal further gains to 1.2670/75. A break above 1.2680 could be seen as a medium term buy signal, initially targeting 1.2760/70.
GBP/CAD holding 14 pips from the next target of 1.7600/15.
First support at 1.7490/70. Further losses test best support for today at 1.7435/25.
Longs need stops below 1.7410.
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