EUR/CAD: Bounce from the 76.4% Fibo

The Euro versus the Canadian Dollar has suffered a drop from the 1.5561 to the 1.4024, but during the last couple of weeks the pair has been retracing to the upside and it has reached the 76.4% Fibonacci retracement as shown on the daily chart. The 76.4% Fibo could act as a good support or resistance zone and that is why we are seeing the price stall at that level and goes back to the 61.8% Fibo, around the 1.4971 level. If the pair continues dropping, then its next support could be the 38.2% Fibo, around the 1.4609 level. To the upside, the 76.4% Fibo could continue acting as a resistance, but if it breaks that level to the upside, then its next resistance could be the 1.5561 level from where it started dropping.