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Breakouts and Pending Breakouts in Euro-Crosses

I just want to take a quick look at a few euro-crosses that have either broken consolidation patterns or are still awaiting the breakout.

1) EUR/USD 1H Chart 9/1 (Asian Session)

The EUR/USD was bearish last week. It was coiling for a little over a session, and is starting the 9/1 session with a bullish breakout from this coiling structure.

2) EUR/AUD 1H Chart:

EUR/AUD is in a similar price action in that it is also coiling upwards. However, this push is not as strong as the one we saw in EUR/USD. It shows weakness and even suggests anticipation of a bearish break. A break below 1.57 should open up a bearish continuation scenario. If price can hold above 1.57 maybe we will have a push to 1.60 where it start to really test the resolve of the bears in this market .

3) EUR/JPY 1H Chart:

There is some coiling in EUR/JPY's price action as well, but we should really look at the overall consolidation between 136.60 and roughly 135.30.  Note that a break above would also break a falling trendline, and should open up at least the 137.60 support/resistance pivot. 

4) EUR/CAD 1H Chart:

This pair is in a messy consolidation. It still contains a lot of volatility, as shown by the strong swings. The consolidation structure has a bearish bias because price is holding under 1.50 and making lower lows. We will need a break above 1.50 to usher in a bullish outlook outside of the short-term consolidation structure. Another strategy could be to sell between 1.4950-1.50. After all, the prevailing swing that started last week was bearish. 

From a technical standpoint, The EUR/USD looks most bullish, and the EUR/CAD looks the most bearish. Can that be? weak USD and a relatively stronger CAD?

USD/CAD 1H Chart:

Indeed the 1H USD/CAD chart shows a market appears to be shifting into a bearish mode, but still might be within that "distribution" phase. Perhaps if we are to look for a sell in EUR/CAD, I would look for the first signs of resistance starting around the 1.49 pivot.

The thing about this pair is that the prevailing medium-term mode is still bullish, so let's not look for the weak USD and strong CAD scenario to last that long.

Also for the EUR/CAD, I will have to completely shift my outlook from bearish to neutral-bullish if price breaks above 1.50.