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EUR/USD is trading in a narrow range, and when this happens, we often have nice breakouts. Also in USD/CAD there are diverging indicators.

Here is the view from SocGen:

Here is their view, courtesy of eFXnews:

EUR/USD has breached support at 1.1085 and more importantly the flag formation within which the corrective recovery evolved, notes SocGen.

The correction has achieved our initial target of 1.0940 and is likely to continue towards July lows of 1.08.

With weekly indicator at resistance, retest of 1.05/1.04 is not ruled out. 1.1510 should cap upside,” SocGen projects.

EURUSD hourly chart November 2015

Turning to USD/CAD, SocGen notes that it almost achieved multiyear channel at 1.35/1.36, also projection for C wave.

Diverging indicators suggest 1.35/1.36 will be an important resistance.

Short term retracement has achieved a target for pullback at previous highs of 1.2850. Only a sustained move below would signal a deeper retracement,” SocGen adds.

USDCAD hourly chart November 2015

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