EUR/USD has held strong resistance at resistance at 1.2060/80 so far this week, with best support at 1.1970/50. Longs need stops below 1.1925.
USD/CAD bottomed exactly at 8 month descending trend line support 1.2260/40 as predicted. We topped exactly at the next target of 1.2350/60. This is key resistance for today.
GBP/CAD still holding resistance at 1.7095/05.
Today’s Analysis
EUR/USD holding below 1.2010 meets the best support this week at 1.1970/50. Longs need stops below 1.1925.
First resistance at 1.2060/80 could see a high for the day. Shorts need stops above 1.2090. A break higher targets 1.2130/40.
USD/CAD retesting strong support at 1.2260/40 in oversold conditions & bottomed exactly here yesterday. A break lower however meets strong 500 week moving average support at 1.2190/80. Longs need stops below 1.2150.
A bounce from strong support at 1.2260/40 re- targets 1.2320/30 with first resistance at 1.2350/60. Shorts need stops above 1.2370. If we continue higher look for 1.2385 & strong resistance at 1.2410/30.
GBP/CAD topped exactly at first resistance at 1.7095/7105. A break above 1.7125 targets 1.7060/70
Minor support at 1.7045/35, better support at last week’s low at 1.6965/45. A break below 1.6945 targets 1.6885/65, perhaps as far as 1.6825/15.
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