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

 

13 Feb, 2020

EURUSD we wrote: First resistance at 1.0936/40 likely to hold a rally.

We did not make it quite that far before collapsing through important support at the 2019 low of 1.0885/77, with longs stopped for a sell signal.

USDCAD broke minor support at 1.3275/65 to bottomed exactly at better support at 1.3240/30 over night.

Today’s Analysis

EURUSD breaks important support at the 2019 low of 1.0885/77 for a sell signal targeting 1.0840/30 then 2 year trend line support at 1.0810/00 for profit taking on shorts.

Obvious first resistance at 1.0880/90 & shorts need stops above 1.0905. A break higher targets 1.0925/35.

USDCAD bottomed exactly at our buying opportunity at 1.3240/30 with a 30 pip bounce as I write. Further gains are likely, targeting 1.3275/85. Above 1.3295 look for 1.3310/20 before the high at 1.3329, coupled with strong resistance at 1.3345/50. Shorts need stops above 1.3365.

Best support at 1.3240/30 & we held as predicted. Longs need stops below 1.3220 for a buying opportunity at 1.33185/75.

Trends

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

 

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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.