- EUR/USD was bouncing back towards the ascending 11 month trend line and February high at 1.2240/50, up one day, down the next for a week.
- USD/CAD has been consolidating for 2 weeks, but the longer term trend is negative, of course.
- GBP/CAD has been in a random and erratic sideways trend for 18 months. We held a range of 130 pips all week.
Today’s Analysis
EUR/USD again meets resistance at 1.2240/50. Holding here in the short term sideways trend re-targets 1.2210/00 and perhaps as far as minor support at 1.2160/50.
A break below 1.2145 targets strong support at 1.2115/05. Longs need stops below 1.2090.
Important resistance at 1.2240/50. A break higher is a buy signal targeting 1.2310/15 and the 2021 high at 1.2340/50.
USD/CAD trades sideways to ease oversold conditions, holding minor resistance at 1.2090/1.2100. Above 1.2110, it can target strong resistance at 1.2180/90. Shorts need stops above the 10 month trend line resistance at 1.2210/20. A break higher is a buy signal initially targeting 1.2255, then 1.2270/80.
Holding minor resistance at 1.2090/1.2100 in the longer term bear trend risks a retest of the 10 year 50% Fibonacci of 1.2040/30. A break below 1.2010 today risks a slide to 1.1950/30, perhaps as far as 1.180/70.
GBP/CAD topped exactly at the next target of 1.7150/60 last week. Further gains this week can target 1.7240/60.
The pair held minor support at 1.7035/25 perfectly last week and yesterday, but below 1.7000 it can retest 1.6955/45. Below here it can retest 1.6875/65 lows. A break lower however targets 1.6825/15.
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