Friday Market Analysis: EUR/CAD & GBP/JPY

Hello traders,

Some interesting setups lined up for the week:

1. EUR/CAD

Call it head and shoulders, call it a solid bearish breakout, you are correct.

The EUR/CAD is looking pretty, as we have two support zones convincingly broken:

1. A key support zone that has held price since the beginning of the month and
2. 200 moving average also compromised

All we need now is “PATIENCE”. Price still has to close on the daily time frame below these support zones, in order to get a sell confirmation. Then we can join the sellers to ride price to NPSZ.

2. GBP/JPY

Another solid breakout spotted on GBP/JPY.

The key support zone has held price for over a month, but is already compromised. How the daily candlestick closes, will give us a further confirmation. A close below the key support zone, is a signal to join the bears and ride price to the NPSZ.

What say you?

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