Technical analysis

EURCAD Wave Analysis – 12 November, 2021

EURCAD Wave Analysis – 12 November, 2021

• EURCAD reversed from resistance level 1.4450

• Likely to fall to support level 1.4300                                                                        

EURCAD recently reversed down from resistance level 1.4450 (which has been reversing the price from the end of October), intersecting with the upper daily Bollinger band.

The downward reversal from the resistance level 1.4450 stopped the C-wave of the earlier medium-term ABC correction (4) from end of October.

Given the strong downtrend, EURCAD can be expected to fall further toward the next support level 1.4300 (which stopped the pervious waves (3) and B).

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