EUR/USD, USD/CAD Forecast - Feb 24, 2020
Jason Sen | Feb 24, 2020 04:44AM ET
EUR/USD bulls regroup to hold 2-year trend line support at 1.0810/00. Longs benefited from a 50 pip recovery to the 1.0860/65 target and we topped exactly here.
USD/CAD has become volatile but with no direction stuck in a range of 1.3198-1.3278.
EUR/USD bulls seize control after a 3 day test of the important trend line targeting 1.0830/35 and 1.0860/65 perfectly. Above 1.0875 targets strong resistance at 1.0890/1.0900. Try shorts with stops above 1.0920. A break higher see 1.0890 act as support targeting 1.0925.
We can try longs again at 1.0810/00 (we bottomed exactly here overnight as I write) with a stop below 1.0780. A sustained break below 1.0780 is a sell signal despite severely oversold conditions initially targeting 1.0730/20 and 1.0685/75.
USD/CAD should have support at 1.3250/40 but below here targets 1.3220/10 before a buying opportunity at 1.31185/75, with stops below 1.3160. A break lower is another sell signal targeting 1.3145/40, perhaps as far as 1.3100/90.
Holding support at 1.3250/40 re-targets 1.3280/85 and 1.3310/20 before the high at 1.3329, coupled with strong resistance at 1.3345/50. Shorts need stops above 1.3365.
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