EURUSD & USDCAD – Recap & Daily Forecast with Chart from Jason Sen – Day Trade Ideas

 

05 Dec, 2019

EURUSD shorts at resistance at 1.1095/1.1105 offering a little profit.

USDCAD longs at 1.3270/60 stopped below 1.3250 this time for a sell signal targeting 1.3240/35 & 1.3220/15 & we continue lower to 1.3175 as I write for a potential 75 pips profit so far but outlook remains negative.

Today’s Analysis 05 Dec, 2019

EURUSD holding resistance at 1.1095/1.1105 as we become overbought short term. Shorts here need stops above 1.1120. A break higher targets strong resistance at 1.1150/60.

Minor support at 1.1060/50 is holding but try longs at 1.1040/30 with stops below 1.1020. A break lower is a sell signal.

USDCAD shorts on the break below 1.3250 work as the pair collapsed to 1.3175 . Further losses are likely targeting support at 1.3150/40 for profit taking on all shorts.

Gains are likely to be limited with minor resistance at 1.3200/05 & 1.3225/35. Try shorts at 1.3255/65 with stops above 1.3285.

Trends

Weekly outlook is neutral Daily outlook is neutral Short Term outlook is neutral

 

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About the author

JASON SEN Began to study technical analysis in 2006 and established Daytradeideas, the leading provider of daily technical analysis to independent & professional traders within the investment bank community for Stock Index, Energy & Fixed Income products, advising dozens of traders at up to 15 major investment banks and hedge funds on market movement, throughout each trading day on The Bloomberg Professional® service with trade ideas – entry, exit and target levels in daily reports published before the Futures markets open in Europe.