FX.co ★ EURCAD facing short term bullish pressure, potential for pullback to trendline

Prices are facing short term bullish pressure from horizontal swing low support in line with 78.6% Fibonacci retracement. Prices might push up towards horizontal pullback resistance in line with 78.6% Fibonacci retracement and 161.8% Fibonacci extension. If prices push down further, prices might take support from horizontal swing low support, in line with 161.8% Fibonacci retracement and 78.6% Fibonacci extension. Stochastics is also approaching 10.91 support level, potential for bounce.

Trading Recommendation

Entry: 1.46912

Reason for Entry:

Horizontal swing low support, 78.6% Fibonacci retracement

Take Profit: 1.47338

Reason for Take Profit:

Descending trendline resistance, horizontal pullback resistance, 78.6% Fibonacci retracement, 161.8% Fibonacci extension

Stop Loss: 1.46744

Reason for Stop Loss:

Horizontal swing low support, 161.8% Fibonacci retracement, 78.6% Fibonacci extension