Daily Currency Outlook: EUR/USD And USD/CAD : November 27,2018

EUR/USD Daily Outlook

Daily Pivots: (S1) 1.1307; (P) 1.1345; (R1) 1.1367;

Intraday bias in EUR/USD remains mildly on the downside at this point. Fall from 1.1472 is in progress for retesting 1.1215 support first. Decisive break there will resume larger down trend for 1.1186 fibonacci level next. On the upside, above 1.1421 minor resistance will turn intraday bias back to the upside for 1.1499 resistance. Firm break there will indicate near term reversal and turn outlook bullish for 1.1814 key resistance.


In the bigger picture, down trend from 1.2555 medium term top has just resumed and should target 61.8% retracement of 1.0339 (2017 low) to 1.2555 at 1.1186 next. Sustained break there will pave the way to retest 1.0339. On the upside, break of 1.1814 resistance is now needed to confirm medium term bottoming. Otherwise, outlook will stay bearish in case of strong rebound.


USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3207; (P) 1.3234; (R1) 1.3282;

Intraday bias in USD/CAD remains neutral at this point. With 1.3141 support intact, further rise is expected in the pair. On the upside, break of 1.3318 will extend the rally from 1.2781 to 1.3385 key resistance next. On the downside, break of 1.3141, however, will indicate short term topping and turn bias to the downside for 1.3056 support first.


In the bigger picture, current development revives the case that corrective fall from 1.3385 has completed at 1.2781 already. And whole up trend from 1.2061 (2016 low) is ready to resume. Break of 1.3385 will target 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685. This will now be the favored case as long as 1.2781 support holds.


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