EURCAD pullback to ascending trendline! Drop incoming!

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EURCAD reacting below key Fibonacci retracement and 1st resistance at 1.51026. A short term drop towards ascending trendline support and 1st support at 1.50409 could be possible. Stochastic is testing resistance as well.

Trading Recommendation

Entry: 1.51026

Reason for Entry:

61.8% Fibonacci retracement

Take Profit: 1.50409

Reason for Take Profit:

61.8% Fibonacci retracement, ascending trendline support

Stop Loss: 1.51854

Reason for Stop Loss:

Graphical swing high

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

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