Good Occasions on the Horizon – Silver, EUR/GBP and USD/CAD

Although macro calendar this week is not packed, we can find some nice trading occasions as the technical situation on many instruments looks very promising.

Silver is creating a hammer candlestick on the weekly chart. I know it is just Tuesday but the strong defense of the long-term up trendline cannot be ignored. This kind of price action, can be a very good sign for a new bullish sentiment.

EURGBP defended the mid-term up trendline and the important support on the 0.878, Now the buyers will try to break the dynamic resistance created by the line connecting recent lower highs. Chances for a breakout are a little bit bigger than for the bounce.

USDCAD is increasing the pressure on the long-term up trendline and the lower line of the flag. It seems that it is now or never now as we are about to test the closest support for the fourth day in a row. Bounces are getting smaller, showing us, that the demand is consequently disappearing from the support.

This article is written by Tomasz Wisniewski, a senior analyst at Alpari Research & Analysis