EURCAD facing bearish pressure, potential for further downside!

analytics607d3633bcd23.jpg

Price has just seen a bearish breakout from the ascending trendline support-turned-resistance, and is now holding below the descending trendline resistance. We could potentially see further downside below the 1st resistance, in line with our 61.8% Fibonacci retracement, 100% Fibonacci extension and horizontal pullback resistance, towards our 1st support, in line with 78.6% Fibonacci retracement and 100% Fibonacci extension. MACD is also holding below the 0 line, in line with our analysis.

Trading Recommendation

Entry: 1.49724

Reason for Entry:

61.8% Fibonacci retracement, 100% Fibonacci extension and horizontal pullback resistance

Take Profit: 1.49249

Reason for Take Profit:

78.6% Fibonacci retracement and 100% Fibonacci extension

Stop Loss: 1.50080

Reason for Stop Loss:

78.6% Fibonacci retracement and horizontal swing high resistance

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

Pages