10.02.202112:39 Forex Analysis & Reviews: EURCAD is facing bullish pressure, potential for further upside!

Exchange Rates 10.02.2021 analysis

Price is facing bullish pressure as it continues to hold above both the ascending trendline support and Ichimoku cloud, in line with our bullish bias. We could potentially see a further rise above the ascending trendline support towards our 1st resistance at 1.54380, in line with our horizontal swing high resistance and 61.8% Fibonacci extension.

Trading Recommendation

Entry: 1.53787

Reason for Entry:

38.2% Fibonacci extension, 61.8% Fibonacci retracement and horizontal swing low support

Take Profit: 1.53480

Reason for Take Profit:

61.8% Fibonacci extension and horizontal swing high resistance

Stop Loss: 1.53510

Reason for Stop Loss:

78.6% Fibonacci retracement 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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