EUR/USD And USD/CAD Daily Forecast: May 26, 2020

EUR/USD longs at at 1.0880/70 worked perfectly as we topped exactly at the first target of 1.0910/20.

USD/CAD topped just 3 pips from our selling opportunity at 1.4010/20.

Today’s Analysis

EUR/USD buy at 1.0880/70 with stops below 1.0855. A break lower sees 1.0870/80 work as resistance targeting 1.0830/20 for profit taking on shorts.

Longs at 1.0880/70 target 1.0910/20 with minor resistance at 1.0930/40 for profit-taking. Minor resistance again at 1.0960/65. Sell at the 200 day moving average at 1.1005/15; stops above 1.1035.

USD/CAD selling opportunity at 1.4010/20 will need stops above Friday’s high at 1.4048. A break higher targets 1.4070/80, perhaps as far as important trend line resistance at 1.4120/30.

If you try shorts at 1.4010/20 look for 1.3965/55 (hit yesterday), then minor support at 1.3925/15. Buy at 1.3850/40 with stops below 1.3825. The next target is 1.3890/80.

Trends

  • Weekly outlook is neutral
  • Daily outlook is neutral
  • Short Term outlook is neutral
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