EUR/USD: Starts Week Up; USD/CAD: Dips

sees a good recovery from the most support for last week at 1.1700/1.1690 to 1.1785. We could be forming an inverse head and shoulders on the 1 hour chart with neck line at 1.1780/90.

dipped as far as 1.2527 and held first resistance at 1.2580/90.

Today’s Analysis

EUR/USD’s break above a small inverse head and shoulders neck line at 1.1780/90 is positive for today and can target 1.1820/30, perhaps as far as 1.1850/60 this week.

Minor support at 1.1750/40 (and we bottomed exactly here on Friday). Best support at 1.1710/1.1690 (where we watch for a double bottom bullish pattern). However a break below 1.1675 is likely to trigger further losses to 1.1640/30 and perhaps as far as 1.1610/00.

USD/CAD retraces about 40% of the recent recovery to hit 1.2527. First resistance at 1.2580/90. A break higher can target last week’s high at 1.2635/45. A break above 1.2650 targets first resistance at 1.2685/95. Bulls then need a break above 1.2700 to trigger further gains.

First support at 1.2540/30 could hold the downside. Below 1.2520 however targets 1.2500/1.2480. Below 1.2460 risks a slide to to 1.2430/20 before a retest of the March low at 1.2370/60.

EUR Weekly Chart

Disclaimer: No representation or warranty is made as to the accuracy or completeness of this information and opinions expressed may be subject to change without notice. Estimates and projections set forth herein are based on assumptions that may not be correct or otherwise realized. All reports and information are designed for information purposes only and neither the information contained herein nor any opinion expressed is deemed to constitute an offer or invitation to make an offer, to buy or sell any security or any option, futures or other related derivatives.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

This site uses cookies to offer you a better browsing experience. By browsing this website, you agree to our use of cookies.