Forex Market Technical Outlook for EURUSD and EURCAD
This week we are going to be looking at two Euro pairs markets this week, EURUSD and EURCAD. I personally love Euro pairs, so we tend to cover them a lot. We will be looking at swing trade possibilities for these markets.
we see price has been in an uptrend. Price is now retracing back down to daily demand at 1.1583 down to 1.1479. Last week we can see that price broke to previous major pivots and this could be a start of a new down trend. However, I would like to see the low of the daily demand zone of 1.1479 get taken out first before we say it’s in a new down trend completely. However, The recent price action does open up that possibility for me now in supply at 1.1880 down to 1.1829 or newly forming supply below that point. Overally, this market is technically still in an uptrend so being a buyer at the current demand zone isn’t a bad idea at all. I would be looking to take a short on this market.
This market to has been in a big range. However, there is more of a uptrend feel to it. Price has just tested the high extremes of the range at 1.5150 and has come back down off of them. However, I believe that price could still very easily break these highs and move above the daily supply zone high of 1.5281 this year still. However, for this week. I’m looking for a nice little retest of the most recent pivot high at 1.5150. If price dips below 1.4862,daily demand zone low, then I would be looking for price to retest the bottom of the range before we see the highs again.
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