EURCAD Wave Analysis – 21 August, 2020

• EURCAD broke support level 1.5600

• Likely to fall to 1.5460

EURCAD recently broke below the support level 1.5600 (low of the (a)-wave of the active short-term ABC correction 4 from the end of June – which started from the powerful resistance 1.6)

The breakout of the support level 1.5600 continues the active short-term impulse wave (c) – which belongs to the aforementioned ABC correction 4.

EURCAD is likely to fall further toward the next support level 1.5460 (target for the completion of the active wave (c)).