EURCAD Probing the 61.8% Fibonacci Retracement Level
The price action of the EURCAD is currently attempting a breakdown below the 61.8 per cent Fibonacci retracement level at 1.43148. If it manages to break it decisively, the next target would likely be the previous swing low at 1.41700.
The strong bearish bias is confirmed by the recent break of the 200-day MA (in orange) and the 300-day MA (in purple), as well as by the histogram of the MACD indicator.
The strong bearish bias is confirmed by the recent break of the 200-day MA (in orange) and the 300-day MA (in purple), as well as by the histogram of the MACD indicator.
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