EUR/USD topped exactly at first resistance at 1.1025/35 so if you were lucky enough to short here we hit targets 1.0995/85, 1.0960/50, 1.0925 & ultimate target of 1.0890/80 for a potential 140 pips profit-taking
USD/CAD managed a recovery in the 2 week descending channel. We beat first resistance at 1.4100/20 targeting 1.4200/20 with a high for the day at resistance at 1.4250/60. Shorts worked perfectly on the slide to 9 pips above 1.4100/20.
Reports will be updated around lunchtime GMT if necessary.
EUR/USD holding first support at 109.30/20 allows a recovery to in the sideways trend to 1.0950/60, 1.0980/90 & first resistance at 1.1010/20. Shorts here need stops above 1.1050. A break higher is a buy signal targeting 1.1085/1.1100 & 1.1135/45.
First support at 109.30/20 but longs need stops below 1.0900. A break lower is a sell signal targeting 1.0870/60 & 1.0840/30.
USD/CAD holding first support at 1.4135/25 re-targets 1.4200/20 with resistance at 1.4250/60. Try shorts with stops above 1.4280. A break higher is a buy signal targeting 1.4340/50 &1.4400/15.
Longs at first support at 1.4135/25 need stops below 1.4100. A break lower is a sell signal targeting 1.4065/55 & very minor support at 1.402/10. Below 1.3990 risks a retest of 1.3925/15. A break below 1.3890 targets 1.3840/20, 1.3780/70, perhaps as far as 1.3730/00.
Trends
- Weekly outlook is neutral
- Daily outlook is neutral
- Short Term outlook is neutral