23.02.202111:46 Forex Analysis & Reviews: EURCAD holding below descending trendline resistance! Further drop incoming!

Price holding below descending trendline resistance. A short term intraday pullback below 1st resistance at 1.53441 towards 1st support at 1.52940 can be possible. Stochastics testing resistance where price bounced in the past as well

Trading Recommendation

Entry: 1.53441

Reason for Entry:

78.6% Fibonacci retracement, descending trendline resistance

Take Profit: 105.241

Reason for Take Profit:

61.8% Fibonacci retracement

Stop Loss: 1.53680

Reason for Stop Loss:

Recent swing high

*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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