This Week Forex Technical Outlook 17 February – 21 February 2020

EUR/USD Technical Analysis

EUR/USD breaks below 2019 Low without much resistance is indicating that selling pressure remain high. As last week mentioned, the pair is likely to move towards 1.0777 before 1.0677, which is the price zone of April/May 2017, with 1.05 price target (2017 Low) as the 100% retracement completion from the high of 1.2555 (2019).

Should the price move up, we see immediate resistance levels at 1.0878 and 1.0982 area.

Price structure suggest that the bears remain in control and going with the flow seems to be a wiser option for traders.

To turn the tide, a break above 1.1089 is still our target for a bull run.

Daily Chart - EURUSD

USD/CAD Technical Analysis

USD/CAD moving according the technical boundaries with price touching R1 and then retraced lower to the S1 level with respect to our S&R levels. While the price structure is still bullish, a further retracement below S1 to 1.32 is possible (S2 area) Should the price move up again, the current resistance of 1.3327 zone highlighted in Skyblue (three-month high) is becoming a strong area to break.

A break above we should be looking at further US Dollar strength until 1.3382 or near 1.34.

As long as the steep ascending trendline is intact, we favour buying the US Dollar.

Daily Chart - USD/CAD

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