EURCAD approaching 1st resistance, potential for reversal!

Price is approaching our 1st resistance, which is in line with our 50%, 61.8% Fibonacci retracement, 78.6% Fibonacci extension and horizontal overlap resistance. We could potentially see a reversal at this level and further downside towards our 1st support, in line with our 61.8% Fibonacci extension and horizontal swing low support. Price is also holding below the Ichimoku cloud and descending trendline resistance, showing bearish pressure in line with our bearish bias.

Trading Recommendation

Entry: 1.10549

Reason for Entry:

61.8% Fibonacci retracement, 61.8%, 78.6% Fibonacci extension levels and descending trendline resistance

Take Profit: 1.10348

Reason for Take Profit:

61.8% Fibonacci extension and horizontal swing low support

Stop Loss: 1.10690

Reason for Stop Loss:

100% Fibonacci extension and horizontal swing high resistance