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EUR/USD: Minor Resistance At 1.0960/80 For Profit-Taking

EUR/USD: Minor Resistance At 1.0960/80 For Profit-Taking

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  • AUD/USD we wrote: close below 7480 leaves a negative weekly candle for a sell signal for this week. The pair headed lower as predicted to 7455/45 and as far as strong support at 7400/7390. Longs need stops below 7370.
  • NZD/USD broke support at 6920/10 to target 6850/40 and perhaps as far as 6785/75 this week.
  • AUD/JPY is likely to have formed a double top for a sell signal. Shorts at strong resistance at 9400/16 worked perfectly on the slide to my targets of 9320/00 and 9260/50 for up to 150 pips profit so far (risking 20 pips to make 150 always works!)—however we saw an unexpected bounce yesterday.
  • EUR/USD plunged last week as expected after the bearish engulfing candle the week before a bounce from the buy opportunity at 1.0850/20 hit the target of 1.0930/40, with a high for the day yesterday.
  • USD/CAD beat resistance at 1.2590/1.2610 to hit the next target and strong resistance at 1.2650/70. Shorts need stops above 1.2680.
  • GBP/CAD consolidating losses with no buy signal yet so further sideways trading is likely for now. Same levels apply for today.

Today's Analysis

EUR/USD again meets important 5 year trend line support at 1.0850/20. A low for the day exactly here on Friday and we could see that again today, to form a potential double bottom buy signal. Longs need stops below 1.0780. Longs at 1.0850/20 target 1.0900 then 1.0930/40 (a high for the day exactly here yesterday). Minor resistance at 1.0960/80 for profit taking perhaps but shorts are too risky now.

USD/CAD now targets strong resistance at 1.2650/70. Shorts need stops above 1.2690. A break higher is a medium term buy signal. Our shorts at 1.2650/70 target 1.2590/1.2610, perhaps as far as 1.2525/05. 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.

GBP/CAD bounces to ease severely oversold conditions as predicted. A HIGH FOR THE DAY EXACTLY AT strong resistance at 1.6460/80 for 3 days in a row. However, if we continue higher, expect very strong resistance at 1.6560/80. Shorts at strong resistance at 1.6460/80 worked perfectly on the slide to minor support at 1.6410/00. Further losses can retest 1.6315/1.6295.

AUD/USD broke first support at 7540/20 to hit my target and strong support at 7400/7390. Longs need stops below 7375. A break lower is a sell signal targeting 7320/10. First resistance at 7490/7510. Shorts need stops above 7520.

NZD/USD breaks support at 6920/10 to target support at 6850/40 (hit on Monday), perhaps as far as strong support at 6790/80. Longs need stops below 6760. Strong resistance at 6910/30. Shorts need stops above 6945.