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EUR/USD could be forming a bear flag, meaning eventually we will break lower and make a new low below 1.0800.
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USD/CAD remains very much in an erratic and random 9 month sideways trend. A scalpers market as I do not think we can hold trades for long before prices reverse. On Friday we made a high for the day exactly at strong support at 1.2600/1.2580. Longs need stops below 1.2550.
Today's Analysis
EUR/USD beat first resistance at 1.1065/85 to target 1.1150/70, but reversed from 13 pips below here. First support at 1.0980/65. Longs need stops below 1.0955. A break lower is a sell signal targeting 1.0910/00. This is not a support so if we continue lower. Look for 1.0850 before a retest of the March low and important 5 year trend line support at 1.0825/05. Longs need stops below 1.0780. Key resistance at 1.1140/60. Shorts need stops above 1.1170. A break higher targets strong resistance at 1.1230/50.
USD/CAD tests strong support at 1.2600/1.2580. Longs need stops below 1.2550. A break lower is a sell signal targeting 1.2485/75. Longs at strong support at 1.2600/1.2580 targeted 1.2670/80 then first resistance at 1.2700/20 for profit taking before the weekend.
Video Analysis
