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

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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
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