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

EURCAD holding below descending trendline resistance. Price is below moving average as well. We see a possibility of a drop below our 1st resistance at 1.48866 towards our 1st support at 1.48562.

Trading Recommendation

Entry: 1.48866

Reason for Entry:

61.8% Fibonacci retracement, descending trendline resistance

Take Profit: 1.48562

Reason for Take Profit:

Graphical swing low support

Stop Loss: 1.49007

Reason for Stop Loss:

Graphical swing high resistance