11.09.202013:06 USDCAD facing pressure from 1st resistance, further drop expected !

Exchange Rates 11.09.2020 analysis

Price is facing bearish pressure from the first resistance level, in line with 61.8% fib retracement and horizontal swing high where we could see a drop to our support level where the 61.8% fib retracement and horizontal overlap support are. Stochastics is also showing that more bearishness is possible.

Trading Recommendation

Entry: 1.3203

Reason for Entry:

61.8% fib retracement and horizontal swing high

Take Profit :1.3119

Reason for Take Profit:

61.8% fib retracement

Stop Loss: 1.3257

Reason for Stop loss:

Horizontal swing high

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

Performed by Dean Leo,
Analytical expert
InstaForex Group © 2007-2020
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