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

 

 

02 Apr, 2020

 

EURUSD topped exactly at first resistance at 1.1025/35 so if you were lucky enough to short here we hit targets 1.0995/85, 1.0960/50, 1.0925 & ultimate target of 1.0890/80 for a potential 140 pips profit taking

USDCAD managed a recovery in the 2 week descending channel. We beat first resistance at 1.4100/20 targeting 1.4200/20 with a high for the day at resistance at 1.4250/60. Shorts worked perfectly on the slide to 9 pips above 1.4100/20.

Reports will be updated around lunchtime GMT if necessary.

Today’s Analysis

EURUSD holding first support at 109.30/20 allows a recovery to in the sideways trend to 1.0950/60, 1.0980/90 & first resistance at 1.1010/20. Shorts here need stops above 1.1050. A break higher is a buy signal targeting 1.1085/1.1100 & 1.1135/45.

First support at 109.30/20 but longs need stops below 1.0900. A break lower is a sell signal targeting 1.0870/60 & 1.0840/30.

USDCAD holding first support at 1.4135/25 re-targets 1.4200/20 with resistance at 1.4250/60. Try shorts with stops above 1.4280. A break higher is a buy signal targeting 1.4340/50 & 1.4400/15.

Longs at first support at 1.4135/25 need stops below 1.4100. A break lower is a sell signal targeting 1.4065/55 & very minor support at 1.402/10. Below 1.3990 risks a retest of 1.3925/15. A break below 1.3890 targets 1.3840/20, 1.3780/70, perhaps as far as 1.3730/00.To subscribe to this report please visit daytradeideas.co.uk or email jason@daytradeideas.co.uk

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.