EURCAD Approaching Resistance, Prepare For A Reversal
Sell below 1.5311.
Stop loss 1.5426.
Take profit at 1.5088.
Reason for the trading strategy (technically):
EURCAD is approaching its resistance at 1.5311 (61.8% Fibonacci extension, 76.4% & 38.2% Fibonacci retracement, horizontal overlap resistance) where it is expected to reverse down to its support at 1.5088 (50% Fibonacci retracement).
Stochastic (55, 5, 3) is approaching its resistance at 97% where a corresponding reversal is expected.
Stop loss 1.5426.
Take profit at 1.5088.
Reason for the trading strategy (technically):
EURCAD is approaching its resistance at 1.5311 (61.8% Fibonacci extension, 76.4% & 38.2% Fibonacci retracement, horizontal overlap resistance) where it is expected to reverse down to its support at 1.5088 (50% Fibonacci retracement).
Stochastic (55, 5, 3) is approaching its resistance at 97% where a corresponding reversal is expected.