EURCAD approaching resistance, potential drop!

16 ส.ค. 2018

EURCAD is approaching our first resistance at 1.4955 (horizontal pullback resistance, 23.6%, 38.2% Fibonacci retracement, 100% Fibonacci extension) where a strong drop might occur below this level pushing price down to our major support at 1.4811 (horizontal swing low support, 61.8% Fibonacci extension, 78.6% Fibonacci retracement). Ichimoku cloud is also showing signs of bearish pressure in line with our bearish bias.
Stochastic (21,5,3) is also approaching resistance and a reaction below this level might see a corresponding drop in price.
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