- EUR/USD shorts at strong resistance at 1.1130/50 hopefully worked on the collapse to 1.1070 and our ultimate target of 1.1030 on Friday. If we continue lower this week (as is likely) look for 1.1000. Expect support at 1.0960/50. A break lower is a sell signal. Resistance at 1.1140/60. Shorts need stops above 1.1185 today!! A break higher is a buy signal targeting very strong resistance at 1.1230/50. Shorts need stops above 1.1270.
- USD/CAD held the 500-week moving average at 1.2420/00. Should be worth trying longs if we retest today, with stop below 1.2370. A high for the day exactly at first resistance at 1.2530/50. Shorts need stops above 1.2565. A break higher targets a sell opportunity at 1.2600/20. Shorts need stops above 1.2640.
- USD/JPY outlook is more negative (although I repeat that we do not have a sell signal). Holding strong resistance at 122.50/70 targets 121.75/70 perhaps as far as the best support for today at 121.10/120.90. Longs need stops below 120.70. A break lower is a sell signal targeting 120.00/119.80. We should have strong resistance at 122.50/70. Shorts need stops above 122.90. A break higher can retest Wednesday's high at 123.15/20.
EUR/USD: A Break Below 1.0960/50 Is A Sell Signal
