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.
USD/CAD also establishing a sideways range. Key support at 1.4400/1.4380 today.
Reports will be updated before European open & at about 19:00 GMT
EUR/USD key resistance at 108.25/45, stops above 1.0870. A break higher is a buy signal targeting strong resistance at 1.0940/60. Try shorts with stops above 1.0990.
Shorts at 108.25/45 target 1.0785/75 & 1.0740/20. Below 1.0700 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 yesterday’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, perhaps as far as support at 1.4260/30. 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