#USDCAD approaching pivot, potential for a reversal!
Description
Price is approaching pivot level of 1.26318 where we have 127.2% Fibonacci retracement levelhorizontal overlap resistance lining up. A reversal from this level might see price take support at 1.25447, which is in line with horizontal overlap support. Finally, price is unlikely to surpass our strong resistance at 1.27164, which coincides with 100% Fibonacci extension levelhorizontal overlap resistance . This is further supported by how price is likely to reverse off the Stochastic resistance level.
Pivot:
1.26318
Why we like it:
127.2% Fibonacci retracement levelhorizontal overlap resistance
1st Support:
1.25447
Why we like it:
horizontal overlap support
1st Resistance:
1.27164
Why we like it:
100% Fibonacci extension levelhorizontal overlap resistance
Trading FX & CFDs carries high risk.
Price is approaching pivot level of 1.26318 where we have 127.2% Fibonacci retracement levelhorizontal overlap resistance lining up. A reversal from this level might see price take support at 1.25447, which is in line with horizontal overlap support. Finally, price is unlikely to surpass our strong resistance at 1.27164, which coincides with 100% Fibonacci extension levelhorizontal overlap resistance . This is further supported by how price is likely to reverse off the Stochastic resistance level.
Pivot:
1.26318
Why we like it:
127.2% Fibonacci retracement levelhorizontal overlap resistance
1st Support:
1.25447
Why we like it:
horizontal overlap support
1st Resistance:
1.27164
Why we like it:
100% Fibonacci extension levelhorizontal overlap resistance
Trading FX & CFDs carries high risk.
Disclaimer
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