EURCAD Wave Analysis – 03 August, 2020

• EURCAD reversed from key resistance level 1.5975

• Likely to fall to 1.5655

EURCAD recently reversed down exactly from the key resistance level 1.5975 (which stopped the sharp uptrend in the middle of March, as can be seen below). The resistance area near the resistance level 1.5975 was strengthened by the upper daily Bollinger Band.

The downward reversal from the resistance level 1.5975 created the daily Japanese candlesticks reversal pattern Dark Cloud Cover.

EURCAD is expected to fall further toward the next support level 1.5655 (former monthly high from the end of March).