EUR/USD, USD/CAD And GBP/CAD Daily Forecast
Jason Sen | May 28, 2021 06:13AM ET
EUR/USD topped exactly at the ascending 11 month trend line which is at 1.2250/60. Shorts offered up to 80 pips profit on the slide to first support at 1.2180/70. We bottomed exactly here.
USD/CAD establishes a 100 pip consolidation range from 1.2045/35 up to 1.2135/45.
GBP/CAD in a random and erratic sideways trend for 18 months. We held a range of 150 pips for 2 weeks. Same levels apply for today.
h2 Today’s Analysis/h2EUR/USD shorts at resistance at 1.2250/60 work on the slide to first support at 1.2180/70. We bottomed exactly here. A buying opportunity at 1.2140/30 today, stop below 1.2120. A break lower targets 1.2095/90 and 1.2060/50.
Minor resistance at 1.2205/15. Important resistance again at 1.2250/60. Stop above 1.2280. A break higher is a buy signal targeting 1.2310/15 and the 2021 high at 1.2340/50.
USD/CAD meets minor resistance at 1.2135/45. Strong resistance at 1.2180/90. Shorts need stops above 10 month trend line resistance at 1.2200/10. A break higher is a buy signal initially targeting 1.2255 then 1.2270/80.trades sideways to ease oversold conditions, holding minor resistance at 1.2090/1.2100. Above 1.2110
1 week trend line support at 1.2045/35 then 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 holding first resistance at 1.7150/60 all this week. Further gains can target 1.7240/60.
The pair held minor support at 1.7035/25 perfectly last week and again all this week, but below 1.7000 can retest 1.6955/45. Below here can retest 1.6875/65 lows. A break lower however targets 1.6825/15.
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