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US Dollar Technical Forecast: EUR/USD, USD/CAD Face Critical Test

US Dollar Technical Forecast: EUR/USD, USD/CAD Face Critical Test

Justin McQueen, Analyst

US Dollar Price Analysis and Talking Points:

EUR/USD Remains Soft

Since the rejection of the 200DMA the Euro has continued to trade on the defensive with the currency dipping below the 1.1000 handle. Momentum indicators continue to signal that the pair remains bearish, thus there is a risk of a move towards 1.0940-50. On the topside, intraday resistance is situated at 23.6% Fibonacci retracement at 1.1042. Focus today will be on Chair Powell’s testimony, however, given that the last Fed meeting was two weeks ago, we expect little in the way of new guidance from the Fed Chair.

Support

Resistance

1.0991

October 15th low

1.1042

23.6% Fib

1.0940

October 8th low

1.1050

-

1.0879

2019 Low

1.1143

38.2% Fib

EUR/USD Price Chart: Daily Time Frame (Nov 18Nov 19)

US Dollar Technical Forecast: EUR/USD, USD/CAD Face Critical Test

USD/CAD Upsides Faces Key Test

Since the dovish pivot from the Bank of Canada, weakness in the Canadian Dollar has shown little signs of easing with the currency trading at lowest against the greenback in over a month. That said, while risks remain tilted towards further upside in USDCAD, the pair will face its first key test at the 200DMA situated at 1.3275. In turn, this offers dip buying opportunities with pullbacks in the pair likely to be well supported with support at the low 1.32s. Closing above the 200DMA however, opens the door for a move towards 1.3345, which marks the October double top.

Support

Resistance

1.3225

38.2% Fib

1.3275

200DMA

1.3220

100DMA

1.3345

October Double Top

1.3206

50DMA

1.3355

61.8% Fib

USD/CAD Price Chart: Daily Time Frame (Apr 19 – Nov 19)

US Dollar Technical Forecast: EUR/USD, USD/CAD Face Critical Test

PRIOR REPORT

US Dollar Technical Outlook: EUR/USD, USD/CAD, USD/JPY

FX TRADING RESOURCES:

--- Written by Justin McQueen, Market Analyst

To contact Justin, email him at Justin.mcqueen@ig.com

Follow Justin on Twitter @JMcQueenFX

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

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