EUR/USD could see profit-taking and consolidation can be expected, but the downside is likely to be limited without a sell signal. First support at 1.2220/10 could hold the downside again but a break lower meets support at 1.2180/70. Longs need stops below 1.2155. Next downside target & an excellent buying opportunity at 1.2125/15 with stops below 1.2100.
Minor resistance at 1.2265/75. If we continue higher look for 1.2290/1.2300. USDCAD holding above first support at 1.2750/40 retests minor resistance at 1.2785/95 (and in fact we topped exactly here on Friday) but above here targets 1.2840/50. Watch for a high for the day. A break higher however targets 1.2900/10 then strong resistance at 1.2940/60.
First support at 1.2750/40 but below 1.2730 risks a retest of last week’s low at 1.2695/85. A break lower always likely eventually in the bear trend targeting 1.2670/60 and 1.2630/20.
- Weekly Outlook Neutral
- Daily Outlook Neutral
- Short Term Outlook Neutral
EUR Daily Chart