Technical analysis

EURCAD Wave Analysis – 11 May, 2022

EURCAD Wave Analysis – 11 May, 2022

• EURCAD reversed from resistance area
• Likely to fall to support level 1.3600

EURCAD recently reversed down from the resistance area located between the key resistance level 1.3750 (which has been reversing the pair from March) and the upper daily Bollinger Band.

This resistance area was further strengthened by the 50% Fibonacci correction of the previous downward impulse from March.

EURCAD can be expected to fall further toward the next support level 1.3600 (earlier top of wave a).

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