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

 

07 Apr, 2020

 

EURUSD shorts at 1.0830/40 worked perfectly as we hit & held the level of 1.0785/75 for a potential 50 pips profit (which is a surprise as I do not see it as a strong support level).

USDCAD we wrote: short term trend line resistance at 1.4250/60 today. Holding below 1.4260 targets 1.4210/00, perhaps as far as support at 1.4170/60. A break below 1.4140 risks a slide to 1.4100/90.

Shorts at 1.4250/60 worked perfectly . We broke support at 1.4170/60 but this level then worked perfectly as resistance on the bounce from 1.4100/90.

Today’s Analysis

EURUSD holding resistance at 1.0830/40 targets 1.0780/70, which is holding the downside but a break lower today targets 1.0745/35 & 1.0720/10. Support at the March low of 1.0655/35.

Shorts at 1.0830/40 stop above 1.0860. A break higher targets 1.0890/1.0900. Try shorts at 1.0930/40 with stops above 1.0960. A break higher targets 1.1000/20.

USDCAD levels worked perfectly yesterday. Holding first support at 1.4100/90 meets first resistance at 1.4160/70. A break higher retests short term trend line resistance at 1.4220/40. Scalp these levels again today. A break above 1.4260 however targets 1.4290/1.4300 & 1.4345/55.

First support at 1.4100/90 but be ready to sell a break below 1.4070 targets 1.4010/00. A break below 1.3980 then targets 1.3920/10.

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.