20.01.202111:56 Forex Analysis & Reviews: EURCAD is approaching ascending trendline support, potential for a bounce!

Exchange Rates 20.01.2021 analysis

Price is facing bullish pressure from our ascending trendline support and Ichimoku cloud, in line with our bullish bias. Price could potentially bounce at our 1st support at 1.54163, which is in line with our 61.8% Fibonacci retracement and 61.8% Fibonacci extension, towards our 1st resistance at 1.54792, which is line with our 61.8% Fibonacci extension.

Trading Recommendation

Entry: 1.54163

Reason for Entry:

61.8% Fibonacci extension, 61.8% Fibonacci retracement and horizontal swing low support

Take Profit: 1.54792

Reason for Take Profit:

61.8% Fibonacci extension and horizontal swing high resistance

Stop Loss: 1.53850

Reason for Stop Loss:

127.2% Fibonacci extension and horizontal swing low support

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

Dean Leo,
Analytical expert
InstaForex Group © 2007-2021
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