EURCAD: Price Retracing Against 61.8% Fibo level

EURCAD
Timeframe: 1D
Direction: Short

Confluences for Trade:
- Bearish candle formations
- Price at 61.8% Fibo levels of previous High - Low
- Stochastic Overbought momentum
- Fundamentally, positivity is slowly returning to improve sentiment about global demand which is likely to spur oil prices and with OPEC looking to react to such low oil prices, CAD strength is likely.

Suggested Trade:
Entry @ Area of Interest 1.5500 - 1.5650
SL: 1.5734
TP: 1.5213
RR: Approx. 2.08 (Depending on Entry Level)


May the pips move in our favor! Good luck! :D

*This trade suggestion is provided on an advisory basis. Any trade decisions made based on this suggestion is a personal decision and we are not responsible for any losses derived from it.

Trade active

Comment:

Lock in half profits and move SL to BE. Run the remaining position totally risk free.

Trade closed: target reached