EURCAD Wave Analysis 12 May, 2021

• EURCAD broke support area

• Likely to fall to support level 1.4500

EURCAD recently broke the support area lying between the support level 1.4665 (low of the previous impulse wave 1) and the support trendline of the wide daily down channel from last August.

The breakout of this support area accelerated the active impulse wave 3 – which belongs to the long-term sharp downward impulse sequence (5) from last month.

EURCAD is likely to fall toward the next support level 1.4500 (forecast price for the completion of the active impulse wave 3).