EURCAD potential for further downside beyond pivot, further drop incoming

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Prices are pushing down to make a lower low. If prices break through entry in line with 61.8% Fibonacci retracement and 50% Fibonacci extension Fibonacci confluence area, prices might push down further towards horizontal swing low support in line with 100% Fibonacci extension . If prices bounce from fibonacci confluence , prices might push up towards horizontal pullback resistance in line with 61.8% Fibonacci extension . Ichimoku cloud is also above prices, showing a bearish pressure for prices.

Trading Recommendation

Entry: 1.46967

Reason for Entry:

50% Fibonacci extension, 61.8% Fibonacci retracement

Take Profit: 1.46664

Reason for Take Profit:

Horizontal swing low support, 100% Fibonacci extension

Stop Loss: 1.47103

Reason for Stop Loss:

Horizontal pullback resistance 61.8% Fibonacci extension

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

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