EUR/USD again holds important 5 year trend line support at 1.0850/20. A low for the day exactly here and at the March low leaves a potential double bottom medium term buy signal now as I suggested yesterday. Longs need stops below 1.0790. A break lower meets 37 YEAR TREND LINE SUPPORT AT 1.0760/20. Longs need stops below 1.0670. Longs at 1.0850/20 target 1.0900, then 1.0930/40 (a high for the day exactly here on Monday). Further gains are possible to minor resistance at 1.0960/80.
USD/CAD shorts at 1.2650/70 target 1.2610/1.2590 and 1.2525/05 today. If we continue lower, look for 1.2480/70. We have another buying opportunity at 1.2440/10. Longs need stops below 1.2370. A break lower is an important medium term sell signal. Obviously strong resistance at 1.2650/70. Shorts need stops above 1.2690. A break higher is a medium term buy signal.
GBP/CAD bounces to ease severely oversold conditions as predicted. Strong resistance at 1.6460/80 certainly doing it's job so far this week. However, if we continue higher, expect very strong resistance at 1.6560/80. Minor support at 1.6410/00. Further losses can retest 1.6315/1.6295.
