EURCAD testing support, potential for a bounce!

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Price is facing bullish pressure as it continues to hold above both the Ichimoku cloud and ascending trendline support, in line with our bullish bias. We could potentially see a bounce at our 1st support at 1.53417, which is in line with our 61.8% Fibonacci retracement, 78.6% Fibonacci extension and horizontal overlap support, and further upside towards our 1st resistance at 1.53920, in line with our 127.2% Fibonacci extension and horizontal swing low support.

Trading Recommendation

Entry: 1.53417

Reason for Entry:

61.8% Fibonacci retracement, 78.6% Fibonacci extension and horizontal overlap support

Take Profit: 1.53920

Reason for Take Profit:

78.6% Fibonacci extension and horizontal swing high resistance

Stop Loss: 1.53082

Reason for Stop Loss:

127.2% Fibonacci extension and horizontal swing low support

The material has been provided by InstaForex Company - www.instaforex.com

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