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Forex Analysis & Reviews: USDCAD, Bearish Pressure | 19th Jan 2022
time 19.01.2022 08:14 AM
time Relevance up to, 20.01.2022 08:14 AM

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On the H4, with price moving below the Ichimoku cloud, we have a bearish bias that price will drop from our 1st resistance at 1.25632 which is in line with horizontal overlap resistance and 38.2% Fibonacci retracement to 1st support at 1.24604, which is in line with horizontal overlap support and 100% Fibonacci projection level. Alternatively, price may break 1st resistance structure and head for 2nd resistance at 1.26185, which coincides with horizontal overlap resistance and 61.8% Fibonacci retracement.

Trading Recommendation

Entry:1.25632

Reason for Entry:

Horizontal overlap resistance and 38.2% Fibonacci retracement

Take Profit: 1.24604

Reason for Take Profit:

Horizontal overlap support and 100% Fibonacci projection

Stop Loss: 1.26185

Reason for Stop Loss:

Horizontal overlap resistance and 61.8% Fibonacci retracement

Dean Leo,
Analytical expert of InstaForex
© 2007-2022
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