Technical analysis

EURCAD Wave Analysis 1 July 2024

– EURCAD reversed from support zone

– Likely to rise to resistance level 1.4780

EURCAD recently reversed up with the daily Hammer from the support zone located between the key support level 1.4580 (which has been reversing the price from the start of April) and the lower daily Bollinger Band.

The upward reversal from this support zone started the active minor ABC correction 2.

Given the strength of the support level 1.4580, EURCAD currency pair can be expected to rise further toward the next resistance level 1.4780 (former pivotal support from May).

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