EURUSD reversed perfectly from strong resistance at the January high & 200 week moving average at 1.1480/1.1500...

EURUSD reversed perfectly from strong resistance at the January high & 200 week moving average at 1.1480/1.1500...

EURUSD reversed perfectly from strong resistance at the January high & 200 week moving average at 1.1480/1.1500 to hit strong support at 1.1410/00 with a low for the again yesterday.

USDCAD loving very strong support at 1.2665/55 as we hold all last week & this week so far.

Update daily at 06:30 GMT

Today's Analysis.

EURUSD longs at strong support at 1.1410/00 are working again today but need stops below 1.1385. Next target & support at 1.1350/40. Longs need stops below 1.1330.

Our longs target 1.1435 before a retest of strong resistance at the January high & 200 week moving average at 1.1480/1.1500. Shorts need stops above 1.1515. A break higher this week is a buy signal of course, initially targeting 1.1555/60, perhaps as far as 1.1580/90.

USDCAD retests strong support at 1.2670/60. Longs here re-target 1.2710/20. If we continue higher look for a retest of 1.2780/90. Further gains this week test the January high at 1.2810/15. If we continue higher look for 1.2840/50.

Support at 1.2670/60. A break below 1.2650 however targets 1.2630/20, perhaps as far as 1.2690/80.

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Jason Sen

Jason Sen

Jason Sen began his career in the options pits on the trading floor of LIFFE in 1987 at the age of 19, making markets on his own account. In 2001 when the trading floor closed he successfully made the transition to day trading on computer screens. Jason used technical analysis throughout his trading career and formed Daytrdeideas.co.uk which established itself as the leading provider of daily technical analysis to independent and professional traders within the investment bank community. He advises 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. Jason Sen also provides trade ideas with entry, exit and target levels on Telegram & in daily reports to retail traders. daytradeideas.co.uk