EURCAD approaching support, potential bounce!

1 thg 8, 2018

EURCAD is approaching our first support at 1.5148 (Horizontal swing low support, 61.8% Fibonacci retracement, 61.8%, 100% Fibonacci extension) where a strong bounce might occur above this level pushing price up to our major resistance at 1.5321 (horizontal pullback resistance, 38.2%, 50% Fibonacci retracement, 100% Fibonacci extension).
Stochastic (55,5,3) is also approaching support and a bounce off this level might see a corresponding rise in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.