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Guest Commentary: EUR/USD 1.39 Target, USD/CAD Verging on Shift

Guest Commentary: EUR/USD 1.39 Target, USD/CAD Verging on Shift

2011-05-25 14:05:00
Cory Mitchell, CMT,,
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EUR/USD

The Euro has a rough day on Friday, falling about 150 pips. In the last update on this pair 1.3900 was still the target following the major breach of the upward sloping trendline. If 1.3900 fails to support (in the event the market reaches that point) the pair could see an extension into the 1.3700-1.3650 region. Upward trendline support remains be 1.35 but will move up over time.

A rise back above 1.4350 warrants caution and patience to wait for a valid signal (it is "no mans land" between 1.4350 and 1.4450)

Guest_Commentary_EURUSD_1.39_Target_USDCAD_Verging_on_Shift_body_EURUSD-May22.jpg, Guest Commentary: EUR/USD 1.39 Target, USD/CAD Verging on Shift

USD/CAD

The USD has had a healthy run-up, and by healthy I mean it has had pullbacks as expected but remains in the short-term uptrend. The pair just grazed the long term down trendline last week and sought it out intra-day Friday as well. Both attempts saw a pullback from the 0.9750-0.98 region which has not been seen since mid-march. A US market close above 0.98 signals the potential for a longer-term rise in the USD (from downtrend to uptrend). Support is currently at 0.9650, but the uptrend remains in place as long as the rate can stay above 0.96. A move back to this level warrants caution and patience to wait another valid signal. 0.95 is support below 0.96, followed by 0.9450-0.9440.

Guest_Commentary_EURUSD_1.39_Target_USDCAD_Verging_on_Shift_body_USDCAD-May22.jpg, Guest Commentary: EUR/USD 1.39 Target, USD/CAD Verging on Shift

To profitable endeavors,

Cory Mitchell, CMT VantagePointTrading.com

Cory Mitchell is an independent trader specializing in short- to medium-term technical strategies. He is the founder of http://vantagepointtrading.com/, a website dedicated to free trader education and discussion. After graduating with a business degree, Mitchell has spent the last six years trading multiple markets and educating traders. He has been widely published and is a member of the Canadian Society of Technical Analysts and the Market Technicians Association.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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