EURCAD is facing bearish pressure, potential for further downside!

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Prices are facing bearish pressure from horizontal pullback support in line with 61.8% Fibonacci retracement. Prices might push donw towards horizontal swing low support in line with 100% Fibonacci extension and 127.2% Fibonacci retracement. If prices push up further, prices might face resistance from horizontal swing high resistance in line with 78.6% Fibonacci retracement and 61.8% Fibonacci extension. EMA is also above prices, showing a bearish pressure for prices.

Trading Recommendation

Entry: 1.47538

Reason for Entry:

Horizontal pullback support, 61.8% Fibonacci retracement

Take Profit: 1.46692

Reason for Take Profit:

Horizontal swing low support, 100% Fibonacci extension, 127.2% Fibonacci retracement

Stop Loss: 1.47958

Reason for Stop Loss:

Horizontal swing high resistance, 61.8% Fibonacci extension, 78.6% Fibonacci retracement

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

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