EUR/USD: Main Challenge For Bulls At 1.2210/20
Jason Sen | Jan 15, 2018 05:20AM ET
EUR/USD break above 1.2030 was bullish and we beat 1.2080/90 as predicted hitting all targets as far as 20 month trend line resistance at 1.2210/20. We topped exactly here and this is the main challenge for bulls today. In short term overbought a small pull back is likely to 1.2170/65, perhaps as far as 1.2150/40. A bounce from here possible but further losses meet a buying opportunity at 1.2100/1.2090.
Eventually we are likely to see a sustained break above 1.2250 for another buy signal targeting 1.2270/80 and 1.2350/60.
USD/CAD hits all downside at as far as 1.2445/40 as we look for minor support at 1.2380/70. Outlook remains negative and further losses target 1.2350, 1.2320/10, 1.2250/40 and 1.2200.
Gains are likely to be limited with first resistance at 1.2485/95. If we unexpectedly continue higher look for a selling opportunity at 1.2570/80, with stops above 1.2620.
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