FX.co ★ EURCAD reacting below descending trendline resistance. Drop incoming!

EURCAD reacting below descending trendline resistance.A short term drop below our 1st resistance at 1.47503 towards recent swing low and 1st support at 1.47044 could be expected. Stochastic is reacting below resistance as well where price pulled lower in the past.

Trading Recommendation

Entry: 1.47503

Reason for Entry:

61.8% Fibonacci retracement, Descending trendline resistance

Take Profit: 1.47044

Reason for Take Profit:

Graphical swing low support

Stop Loss: 1.47779

Reason for Stop Loss:

Graphical swing high