EUR/USD, USD/CAD, GBP/CAD Daily Forecast

EUR/USD topped exactly at the ascending 11 month trend line at 1.2230/40 and the February high at 1.2240/45 to target 1.2185/75 and almost as far as 1.2150/40.

USD/CAD is trying a recovery to ease severely oversold conditions.

GBP/CAD has been in a random and erratic sideways trend for the past 18 months.

Today’s Analysis

The EUR/USD outlook is more negative now as we reject important resistance at 1.2230/45. Holding minor resistance at 1.2200/10 today targets 1.2150/40. Strong support at 1.2110/00. Longs need stops below 1.2085.

The 11 month trend line resistance and February high is at 1.2240/50. A break higher is a buy signal targeting 1.2310/15 and the 2021 high at 1.2340/50.

USD/CAD climbs slowly to 1.2142 with strong resistance at 1.2165/85. The 10 month trend line resistance is at 1.2220/30. A break higher is a buy signal initially targeting 1.2255, then 1.2270/80.

Minor support at 1.2100/90. 10 year 50% Fibonacci of 1.2040/30. A break below 1.2010 today risks a slide to to 1.1950/30, perhaps as far as 1.180/70.

GBP/CAD beat resistance at 1.7100/20 but topped exactly at the next target of 1.7150/60. Further gains this week can target 1.7240/60.

The pair held minor support at 1.7035/25 perfectly so far this week but if it slides below 1.7000, it can retest 1.6955/45. Below here it can retest 1.6875/65 lows. A break lower however targets 1.6825/15.

EUR Chart

Disclaimer: No representation or warranty is made as to the accuracy or completeness of this information and opinions expressed may be subject to change without notice. Estimates and projections set forth herein are based on assumptions that may not be correct or otherwise realized. All reports and information are designed for information purposes only and neither the information contained herein nor any opinion expressed is deemed to constitute an offer or invitation to make an offer, to buy or sell any security or any option, futures or other related derivatives.

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