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FX.co ★ EURCAD holding below descending trendline resistance! Drop incoming!

EURCAD holding below descending trendline resistance! Drop incoming!

EURCAD holding below descending trendline resistance. Price is below moving average as well. We see a possibility of a drop below our 1st resistance at 1.48866 towards our 1st support at 1.48562.

Trading Recommendation

Entry: 1.48866

Reason for Entry:

61.8% Fibonacci retracement, descending trendline resistance

Take Profit: 1.48562

Reason for Take Profit:

Graphical swing low support

Stop Loss: 1.49007

Reason for Stop Loss:

Graphical swing high resistance

EURCAD holding below descending trendline resistance! Drop incoming!

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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