EURCAD Wave Analysis – 10 August, 2020

• EURCAD falling inside wave (iv)

• Likely to reach to 1.5675

EURCAD continues to fall inside the minor corrective wave (iv) – which started earlier from the powerful resistance area lying between the long-term resistance level 1.5975 (multi-month high from March) and the upper daily Bollinger band.

The active wave (iv) belongs to the long-term upward impulse sequence 3 from the start of June.

EURCAD is likely to fall further toward the next support level 1.5675 (low of wave (a) and the target for the completion of the wave (iv)).