Sell below 1.2582. Stop loss at 1.2702. Take profit at 1.2407. Reason for the trading strategy (technically): Price is testing major resistance at 1.2582 (Fibonacci retracement, Fibonacci extension, impulsive Elliott wave structure, horizontal swing high resistance) and we expect a strong reaction from this level to drive price down to 1.2407 support (Fibonacci retracement, horizontal overlap support). It’s important to note the intermediate support level at 2.2458 (Fibonacci retracement, breakout level). RSI (34) sees major resistance at 61% where we expect a corresponding reaction from.
Nice analysis. I see there's some confluence at the 50 fib area as past resistance. Also, there's a upward wedge forming as well as divergence w/ RSI. Decent R/R as well.
thdehddns
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Hello, Tomorrow, there are many events.. for CAD. I am worried.. if it is down or up.. Most of people and weekly analysis.. the pair running on Bullish mode. It seems to be bullish more or not.... I am worried..