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

 

26 Mar, 2020

EURUSD _ USDCAD

EURUSD traded in a short term sideways consolidation phase up until late yesterday but the break above 1.0880/90 is a buy signal for today.

USDCAD breaks key support at 1.4400/1.4380 then gave us a nice bounce back to get in to a short before the drop to our buying opportunity at 1.4260/30, but stops were activated below 1.4200

Reports will be updated around lunchtime GMT if necessary.

Today’s Analysis

EURUSD has a buy signal on the break above 1.0880/90 targeting 1.0950. A break higher is a buy signal targeting a selling opportunity at 1.0960/80 with stops above 1.1000. A break higher targets a better selling opportunity at 1.1060/80 with stops above 1.1100.

Holding below 1.0880 risks a slide to support at 108.45/35. Further losses target 1.0785/75 & 1.0750/30. Below 1.0710 risks a retest of 1.0655/35. A break below 1.0620 targets 1.0570/60, 1.0530/20 & minor support at 1.0500/1.0490.

USDCAD holding below first resistance at 1.4310/30 targets 1.4250/40 & yesterday’s low at 1.4175/55. Support at 1.4130/10 but below 1.4100 is a sell signal.

First resistance at 1.4310/30 then a selling opportunity at 1.4390/1.4400 with stops above 1.4430. A break higher targets 1.4480/1.4500 before this week’s high at 1.4540/60. A break higher targets 1.4600 before resistance at last week’s high at 1.4650. A break above 1.4670 targets 1.4770/1.4800 & 1.4860/80, perhaps as far as 1.4930/40. Next target 1.5000/20 & 1.5040/60.

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.