EUR/USD reversed 6 pips from key 11 month trend line at 1.2260/70.
USD/CAD establishes a 2 week 100 pip consolidation range from 1.2045/35 up to 1.2135/45.
The pair consolidates in the bear trend, but longer term outlook remains negative. GBP/CAD in a random and erratic sideways trend for 18 months. We held a range of 150 pips for 3 weeks. A great markets for scalpers over the last 3 weeks. Get ready for a breakout.
Today’s Analysis
EUR/USD key 11 month trend line at 1.2260/70. Shorts need stops above 1.2290. A break higher is a buy signal targeting 1.2310/15 and the 2021 high at 1.2340/50.
Minor support at 1.2210/00 but below 1.2190 meets our buying opportunity at 1.2140/30, stop below 1.2120. A break lower targets 1.2095/90 and 1.2060/50.
USD/CAD tests 10 year 50% Fibonacci of 1.2040/30. A break below 1.2000 today risks a slide to to 1.1950/30, perhaps as far as 1.180/70.
Minor resistance at 1.2070/80 and again at 2 week trend line at 1.2135/45 for potential scalping opportunities. Strong resistance at 1.2180/90. Shorts need stops above 10 month trend line resistance at 1.2200/10. A break higher is a buy signal initially targeting 1.2255 then 1.2270/80.trades sideways to ease oversold conditions, holding minor resistance at 1.2090/1.2100. Above 1.2110
GBP/CAD holding first resistance at 1.7150/60 again this week for a great scalping opportunity. Our shorts targeted 1.7075/65 and 3 week trend line support at 1.7035/25 for a potential 120 pips profit. Below 1.7000 this week can retest 1.6955/45. Below here can retest 1.6875/65 lows. A break lower however targets 1.6825/15.
Longs at 3 week trend line support at 1.7035/25 target 1.7100/10 before first resistance at 1.7150/60. Shorts need stops above 1.7180. Further gains can target 1.7240/60.
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