Daily Trade Ideas
EURJPY approaching resistance, potential drop!
EURJPY is approaching our first resistance at 126.68 (horizontal overlap resistance, 23.6% Fibonacci retracement) and a strong reaction might occur below this level pushing price down to our major support at 123.35 (horizontal swing low support, 100% Fibonacci extension, 50%, 61.8% Fibonacci retracement). We are also seeing a shooting star formed and Ichimoku cloud is also showing signs of bearish pressure in line with our bearish bias.
RSI (55) is also seeing a bearish exit and we might see a corresponding drop in price.
USDCAD approaching support, potential bounce!
USDCAD is approaching our first support at 1.3068 (horizontal overlap support, 50% Fibonacci retracement) where a strong bounce might occur above this level pushing price up to our major resistance at 1.3285 (horizontal swing high resistance, 76.4% Fibonacci retracement). A breakout above our intermediate resistance at 1.3187 (horizontal swing high resistance, 100% Fibonacci extension) might provide the bullish acceleration to our major resistance level. Ichimoku cloud is also showing signs of bullish pressure in line with our bullish bias.
RSI (89) is also seeing a bearish exit where a bounce off this level might see a corresponding rise in price.
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