EUR/USD: Try Longs With Stops Below 1/2290; USD/CAD: 1.2980 Key To Direction
Jason Sen | Mar 14, 2018 06:24AM ET
EUR/USD bottomed exactly at first support at 1.2320/10 and beat minor resistance at 1.2350/55 to top exactly at quite strong resistance at 1.2400/10 where we expected a high for the day. A break above 1.2420 required to retest the 1.2430/40 high last week. Above targets 1.2470 before very strong resistance at the 1.2545/55 high.
Failure to beat quite strong resistance at 1.2400/10 targets 1.2375 then the best support for today at 1.2340/30. Try longs with stops below 1.2290.
USD/CAD key to direction is important resistance again at 1.2980/1.3000. Try shorts with stops above 1.3020. Downside targets are 1.2935, 1.2910, and support from 1.2860/50 down to 1.2830/20 for some profit taking on shorts. A break above 1.3020 is a longer term buy signal targeting 1.3040/50 and 1.3120/30.
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