EUR/USD: Good Chance Of A Bounce

we wrote: holding 3 month trend line support at 1.1770/60 so this is obviously key to direction on the downside for this week. A break below 1.1750 keeps the pressure on for 1.1700/1.1690.

Nice call! We hit 1.1700 as I write this morning.

makes slow progress to 1.2646.

Today’s Analysis

EUR/USD meets the most support for this week at 1.1700/1.1690. A good chance of a bounce from here in severely oversold conditions targeting 1.1750/60, perhaps as far as 1.1820/30 in to the end of the week.

Best support at 1.1700/1.1690 but a break below 1.1675 likely to trigger further losses to 1.1640/30 and perhaps as far as 1.1610/00.

USD/CAD must hold first support at 1.2600/1.2580 for bulls to remain in control. A break above 1.2650 targets first resistance at 1.2675/85. Bulls then need a break above 1.2700 to trigger further gains.

First support at 1.2600/1.2580 then probably the best support for today at 1.2560/50. A break below 1.2535 however is likely to trigger further losses to 1.2500/1.2480.

EUR Chart

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