FX.co ★ EURCAD testing 1st support, potential bounce!

Price is testing 1st support, in line with 50%, 61.8% Fibonacci retracement, 50% Fibonacci extension and horizontal pullback support, where we could see a bounce and further upside towards 1st resistance, in line with 61.8% Fibonacci extension and horizontal swing high resistance. Stochastics is testing support where price bounced at before as well, showing potential bullish pressure.

Trading Recommendation

Entry: 1.47661

Reason for Entry:

50%, 61.8% Fibonacci retracement, 50% Fibonacci extension and horizontal pullback support

Take Profit: 1.49156

Reason for Take Profit:

61.8% Fibonacci extension and horizontal swing high resistance

Stop Loss: 1.46777

Reason for Stop Loss:

78.6% Fibonacci retracement, 100% Fibonacci extension and horizontal swing low support