Daily Technical Analysis is provided by Jason Sen of Day Trade Ideas, who has been day trading since the late 1980’s. Jason has been a contributor of Traders Summit since the beginning. He primarily focuses on providing technical analysis of the financial markets, including stock chart patterns, Forex and Metals setups, and other useful technical analysis.
EURUSD trades in a bear trend which is punctuated with a huge number of bear flags. The break below support at 9810/9790 could signal a break of the latest flag, but each break only leads to a 3 day drop before the next flag forms.
USDCAD longs at strong support at 1.3690/70 worked perfectly on the bounce to the target of 1.3785/1.3805, with a high for the day here but we have not made any further progress yet.
EURCAD higher towards strong resistance at 1.3600/20. Shorts need stops above 1.3640.
EURUSD break of support at 9810/9790 targets 9750/40 (there are so many levels because we have traded sideways for so long) & 9720/10. These are minor supports but I would not try longs. Further losses can target 9690/80. Maybe this is where we form the next flag!
First resistance at 9800/9820 but a break higher can target 9870/80.
USDCAD again meets strong support at 1.3690/70. A break below 1.3650 however risks a slide to 1.3610/00, perhaps as far as strong support at 1.3510/1.3490.
Longs at strong support at 1.3690/70 can target 1.3785/1.3805 perhaps as far as 1.3855/75 today. Above 1.3900 can retest last week’s high at 1.3957/77.
EURCAD meets strong resistance at 1.3600/20. Shorts need stops above 1.3640.
Minor support at 1.3520/10 was broken but we saw a low for the day exactly at better support at 1.3450/30. Longs need stops below 1.3410.
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Jason Sen, Director