Nice idea on EURCAD and there may be bearish potential as you have identified. The 1st resistance that we have found is at 1.4920, which is below your sell entry level. It is a horizontal overlap resistance, with a 61.8% Fibonacci extension x2 and 23.6% Fibonacci retracement. Stochastic is approaching its resistance at 97% where a corresponding reversal could occur. If there is a potential reversal, we may want to take a closer look at 1.4839 support level. It is a horizontal swing low support with a 50% Fibonacci retracement. Looking forward to seeing how things develop.
Please have a look at our idea and we would like to hear what you think.
JasonTerry
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@ICmarkets, Thanks for the input. I enjoy seeing others confluence. I'll be sure to take a look at your chart as well.
Please have a look at our idea and we would like to hear what you think.