Technical analysis

EURCAD Wave Analysis – 14 July, 2022

EURCAD Wave Analysis – 14 July, 2022

• EURCAD reversed from major support level 1.3020

• Likely to rise to resistance level 1.3200

EURCAD recently reversed up from the major long-term support level 1.3020 (former multi-year low from the middle of 2015), standing outside of the lower weekly Bollinger band.

The upward reversal from the support level 1.3020 is likely to form the weekly Japanese candlesticks reversal pattern Hammer.

Given the oversold weekly Stochastic, EURCAD can be expected to rise further toward the next resistance level 1.3200.

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