EUR/USD, USD/CAD July 12 Forecast
Jason Sen | Jul 13, 2020 04:01AM ET
EUR/USD longs at best support at 1.1265/55 worked perfectly on the bounce to 11 pips below first resistance at 1.1335/45 for a potential 60 pip profit. The pair remains in an awkward sideways trend of course with the pair unable to move in one direction for more than a day for over 2 weeks.
USD/CAD also in a well established sideways trend. Shorts at resistance at 1.3580/90, unfortunately, stopped above 1.3600 but shorts at resistance at 1.3630/40 this trade worked perfectly with up to 60 pips profit potential on the slide to 1.3570.
EUR/USD best support again at 1.1265/55. Longs need stops below 1.1240. A break lower is a sell signal (with 1.1255/65 acting as resistance) targeting 1.1215/05, perhaps as far as strong support at 1.1180/70.
Longs at 1.1265/55 target 1.1310/15 with first resistance at 1.1335/45. The scalping strategy is still the only way to trade the pair of course. Be ready to buy a break above 1.1370 for a retest of the June high at 1.1410/20.
USD/CAD holding first support at 1.3580/70 re-targets 1.3600 and resistance at 1.3630/40. Stop above 1.3650. A break higher targets 1.3660/65 before a retest of the late June high at 1.3705/15.
First support at 1.3580/70 but below here targets 1.3550 then support at 1.3500/1.3490. Longs need stops below 1.3470.
- Weekly outlook is neutral
- Daily outlook is neutral
- Short Term outlook is neutral
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.