Sell below 1.5245.
Stop loss at 1.5296.
Take profit at 1.5153.
Reason for the trading strategy (technically):
EURCAD is testing its resistance at 1.5245(61.8% Fibonacci extension, 50% & 76.4% Fibonacci retracement, horizontal overlap resistance) where a reversal to its support at 1.5153 (61.8% Fibonacci retracement, horizontal swing low support) is expected.
Stochastic (55, 5, 3) has reversed off its resistance at 96% where a corresponding drop is expected.
Stop loss at 1.5296.
Take profit at 1.5153.
Reason for the trading strategy (technically):
EURCAD is testing its resistance at 1.5245(61.8% Fibonacci extension, 50% & 76.4% Fibonacci retracement, horizontal overlap resistance) where a reversal to its support at 1.5153 (61.8% Fibonacci retracement, horizontal swing low support) is expected.
Stochastic (55, 5, 3) has reversed off its resistance at 96% where a corresponding drop is expected.