EURCAD approaching support, potential bounce!

FX:EURCAD   Euro / Canadian Dollar
EURCAD is approaching our first support at 1.4852 (horizontal swing low support, 100% fibonacci extension , Descending channel's support) and a strong bounce might occur pushing price up to our major resistance at 1.4934 (Horizontal pullback resistance, 38.2% fibonacci retracement ).
Stochastic (89, 5, 3) is also approaching support and we might see a corresponding rise in price should it bounce off this level.
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Losses can exceed the initial investment so please ensure you fully understand the risks.
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This analysis is provided as general market commentary and does not constitute investment advice.
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