EUR/USD, USD/CAD July 15 Forecast
Jason Sen | Jul 15, 2020 05:26AM ET
EUR/USD shot higher from minor support at 1.1340/30 to retest the June high at 1.1410/20. USD/CAD remains in the predicted sideways trend with perfect shorts at resistance at 1.3630/40 hitting first support at 1.3580/70 for some profit-taking.
Today’s Analysis
EUR/USD retest resistance at the June high at 1.1410/20. Be ready to buy a break above 1.1430 targeting 1.1455/60 then resistance at the 2020 high at 1.1490/99.
A reversal from 1.1410/20 targets 1.1380/70, perhaps as far as first support at 1.1340/30.
Longs need stops below 1.1310. If we continue lower look for a buying opportunity at 1.1275/65, with stops below 1.1250.
USD/CAD meets 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.
Our shorts at 1.3630/40 target first support at 1.3580/70 for profit taking with a bounce from here very possible. Longs need stops below 1.3555. A break lower targets 1.3530, perhaps as far as 1.3500/1.3490.
- Weekly outlook is neutral
- Daily outlook is neutral
- Short Term outlook is neutral
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