EURCAD Wave Analysis – 08 Janaury, 2019

• EURCAD broke support area
• Further losses are likely

EURCAD recently broke through the support area lying between the key support level 1.5300 (former resistance from September and December) and the 50% Fibonacci correction of the previous sharp upward impulse from October.

The breakout of this support area accelerated the active impulse wave (i) – which belongs to wave C of the long-term ABC correction (4) from last year.

EURCAD is expected to fall further and re-test the next support level 1.5100 (low of the previous correction (ii) from December).