EUR/USD: levels to trade

EUR/USD: levels to trade

Information is not investment advice

On Tuesday, EUR/USD formed a candlestick with a small body and long upper and lower wicks - this is a sign of the market’s uncertainty. The candlestick appeared at the neckline of the “Head and Shoulders” pattern and within a larger downtrend. As a result, the downside risks seem bigger than the upside ones. On H4 we see a potential double top. A decline below the 100-period MA at 1.1167 will open the way down to 1.1137 (50-period MA). On the upside, buying is possible only above yesterday’s high of 1.1250 with the target at 1.1295 (resistance line). 

EURUSD h4.png

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Levels for trading USD/CAD

To gain the ability to head higher, towards 1.3445, USD/CAD needs to overcome 1.3355 (61.8% Fibo of the May-July decline).  

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