EURCAD Bounced Off Support, Prepare For A Further Rise
Buy above 1.5085.
Stop loss at 1.5008.
Take profit at 1.5211.
Reason for the trading strategy (technically):
EURCAD bounced nicely off its support at 1.5085 (100% & 61.8% Fibonacci extension, 50% Fibonacci retracement, horizontal swing low support) where it could potentially bounce to its resistance at 1.5211 (50% Fibonacci retracement, horizontal overlap resistance).
Stochastic (55, 5, 3) is bounced off its support at 2.38% where a corresponding rise could occur.
Stop loss at 1.5008.
Take profit at 1.5211.
Reason for the trading strategy (technically):
EURCAD bounced nicely off its support at 1.5085 (100% & 61.8% Fibonacci extension, 50% Fibonacci retracement, horizontal swing low support) where it could potentially bounce to its resistance at 1.5211 (50% Fibonacci retracement, horizontal overlap resistance).
Stochastic (55, 5, 3) is bounced off its support at 2.38% where a corresponding rise could occur.