Categories: Technical analysis

EURCAD Wave Analysis – 14 July, 2020

• EURCAD broke resistance area

• Likely to rise to 1.5540

EURCAD recently broke through the resistance area located between the key resistance level 1.5430 (top of the previous waves 1 and (i)) and the 38.2% Fibonacci correction of the earlier downward correction from March.

The breakout of this resistance area accelerated the active impulse waves (iii), 3 and (3).

EURCAD can be expected to rise further toward the next resistance level 1.5540 (top of the impulse wave (1) from the start of May).

The FxPro Tech Analysis Team

The FxPro technical experts prepare a daily analysis of the most active currency pairs (majors, crosses, exotics) and commodities. Selected instruments are reviewed on daily trends (D1, H4), using the active Elliott Wave setups, Japanese candlesticks, indicators, and support/resistance levels.

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Tags: EURCAD

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