FX.co ★ 3rd Title: EURCAD approaching descending trendline, potential for a reversal!

Price is holding below the Ichimoku cloud and descending trendline resistance, showing bearish pressure in line with our bearish bias. We could potentially see a reversal at 1st resistance, in line with our 61.8% Fibonacci retracement, 100% Fibonacci extension and horizontal swing high resistance, and further downside towards 1st support, in line with our 100% Fibonacci extension and horizontal swing low support.

Trading Recommendation

Entry: 1.48468

Reason for Entry:

61.8% Fibonacci retracement, 100% Fibonacci extension and horizontal swing high resistance

Take Profit: 1.48025

Reason for Take Profit:

100% Fibonacci extension and horizontal swing low support

Stop Loss: 1.48712

Reason for Stop Loss:

161.8% Fibonacci extension and horizontal swing high resistance