EURUSD, GBPUSD and EURCAD TA – April 21 2017

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EURUSD intra-day analysis

 

EURUSD (1.0716): EURUSD rallied to a fresh three week high yesterday at 1.0777 before giving up the gains towards the close. The single currency fell closer to the evening after news outlets reported a terrorist attack in France, just ahead of Sunday’s French elections.

From a technical stand point, the failure to maintain gains above 1.0750 – 1.0740 means that EURUSD could be looking to push lower towards the technical support seen at 1.0674. Establishing support here could keep EURUSD poised for a move into Monday’s open following the results of the first round of voting.

GBPUSD intra-day analysis

GBPUSD (1.2795): GBPUSD has managed to consolidate around 1.2800 price point, and the bullish rally is expected to see a possible upside continuation in prices. However, there is also the scope of a pull back towards 1.2500 where support could be established.

To the upside, a bullish break out from the pennant pattern could signal an upside move towards 1.3100 at the minimum, but on the flipside, failure to break out higher could signal a correction towards 1.2600 where there is a good chance of the support level holding out.

EURCAD daily analysis

EURCAD (1.4440): EURCAD posted some big gains yesterday but failed to hold on to the gains by the day’s closed. Price spiked to a fresh one-month higher yesterday at 1.4532 before giving up those gains and closing almost flat on the day. A bearish follow through is required here to confirm a move to the downside.

Initial support is seen at 1.4182 which could be tested. Posting a higher low higher could signal an upside bias in EURCAD which will see prices consolidate between the resistance level of 1.4446 – 1.4476 and support at 1.4182. Further continuation can be expected only on a breakout from either of these two price levels.

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About Author

John is a market analyst for Orbex Ltd. and is a forex and equities trader having been involved in trading since late 2009. John makes use of a mix of technical and fundamental analysis and inter-market relationships. The analysis present here is a mix of intra-day analysis while considering the long term outlook of the markets as well. For any comments or questions, John can be reached at [email protected]

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