EUR/USD appears to be establishing a short term sideways consolidation phase so we should switch to more of a scalping/range trading strategy & wait for the next breakout.
Unfortunately, shorts at 108.25/45, stopped above 1.0870 before we sold off to 140 pips from1.0887.
USD/CAD also establishing a sideways range. Key support at 1.4400/1.4380 held perfectly fora potential 130 pip profit (& is key again today).
Reports will be updated before European open & at about 19:00 GMT
EUR/USD has quite a lot of resistance to deal with at 108.35/45 then 1.0880/90 but the bestselling opportunity is at 1.0900/20. Stop above 1.0950. A break higher is a buy signal targeting 1.1000/20 & excellent selling opportunity at 1.1070/90.
Holding minor resistance at 108.35/45 target 1.0785/75 & first support at 1.0750/30. Below1.0710 risks a retest of 1.0655/35. A break below 1.0620 targets 1.0570/60, 1.0530/20 &minor support at 1.0500/1.0490.
USD/CAD holding first support at 1.4400/1.4380 targets 1.4480/1.4500 before this week’s high at 1.4540/60. A break higher targets 1.4600 before resistance at last week’s high at 1.4650.A break above 1.4670 targets 1.4770/1.4800 & 1.4860/80, perhaps as far as 1.4930/40. Next target 1.5000/20 & 1.5040/60.
First support at 1.4400/1.4380 but below here targets 1.4340/20 with a buying opportunity at1.4260/30, stops below 1.4200. A break lower targets 1.4170/50 then support at 1.4130/10.
Trends
- Weekly outlook is neutral
- Daily outlook is neutral
- Short Term outlook is neutral