EUR-CAD reversed from resistance, possible further drop
EUR-CAD reversed off its resistance: a further drop is expected.
Sell below 1.5113.
Stop loss at 1.5201.
Take profit at 1.5017.
Reason for the trading strategy (technically):
EUR-CAD reversed off its resistance at 1.5113 (100% Fibonacci extension, 61.8% Fibonacci retracement, horizontal swing high resistance) where it is expected to drop further to its support at 1.5017 (50% Fibonacci retracement, horizontal swing low support).
Stochastic (55, 5, 3) reversed off its resistance at 96% where a corresponding drop is expected.
Sell below 1.5113.
Stop loss at 1.5201.
Take profit at 1.5017.
Reason for the trading strategy (technically):
EUR-CAD reversed off its resistance at 1.5113 (100% Fibonacci extension, 61.8% Fibonacci retracement, horizontal swing high resistance) where it is expected to drop further to its support at 1.5017 (50% Fibonacci retracement, horizontal swing low support).
Stochastic (55, 5, 3) reversed off its resistance at 96% where a corresponding drop is expected.