Forex Pairs: EUR/USD, USD/CAD - Video Analysis

Forex Pairs: EUR/USD, USD/CAD - Video Analysis

EURUSD could be forming a bear flag, meaning eventually we will break lower & make a new low below 1.0800

USDCAD remains very much in an erratic & 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.

Update daily by 05:00 GMT

Today's Analysis.

EURUSD 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 & 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.

USDCAD 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 target 1.2670/80 then first resistance at 1.2700/20 for profit taking before the weekend.

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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