02.06.202113:55 Forex Analysis & Reviews: Daily Video Analysis: EURCAD approaching descending trendline, potential for reversal!


Today we take a look at EURCAD. Combining advanced technical analysis methods such as Fibonacci confluence, correlation, market structure, oscillators and demand/supply zones, we identify high probability trading setups. Price is approaching descending trendline resistance, where we could see a reversal at sell entry level, which is also in line with 61.8% Fibonacci retracement, and further downside towards take profit levels, in line with horizontal swing low support and -27.2% Fibonacci retracement. Stochastics is also showing signs of bullish pressure, in line with our analysis.

*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
Benefit from analysts’ recommendations right now
Top up trading account
Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.

Show more
Can't speak right now?
Ask your question in the chat.