EUR/USD And USD/CAD Forecast For Dec 23, 2019

EUR/USD we wrote: Outlook negative…holding support at 1.1115/1.1105 perfectly for the last 2 days but the outlook is negative so below 1.1095 risks a slide to strong support at 1.1065/55. We bottomed exactly here.

USD/CAD choppy and not respecting the 1.3130/40 level. However, we reversed from the next target of 1.3185/90.

EUR/USD lower as predicted and bottomed exactly at strong support at 1.1065/55. Longs need stops below 1.1040. A break lower targets 1.1020/15.

Longs at 1.1065/55 targets 1.1090/99. A break above 1.1105 targets quite strong resistance at 1.1140/45. Above 1.1055 allows a recovery to 1.1165/70 before a retest 1.1190/99. A break above 1.1205 targets 1.1225/30 and 1.1245/50.

USD/CAD first resistance at 1.3130/40 but above here retests 1.3185/90. A break above 1.3200 targets 1.3225/30.

Holding below 1.3150/40 targets 1.3100/90 with 200-week moving average support at 1.3080/70. This is the last line of defense for bulls. A break lower is an important medium-term sell signal therefore, initially targeting 1.3050/40 but significant further losses are expected.

Trends

Weekly outlook is negative

Daily outlook is neutral

Short Term outlook is neutral

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