Categories: Technical analysis

EURCAD Wave Analysis 15 October, 2020

• EURCAD reversed from support level 1.5430

• Likely to rise to 1.5560

EURCAD today reversed up from the key support level 1.5430 (which stopped the previous correction A at the start of September, as can be seen below).

The support level 1.5430 was further strengthened by the lower daily Bollinger Band and the 61.8% Fibonacci correction of the upward impulse (1) from June.

EURCAD is likely to rise further toward the next resistance level 1.5560 (former multi-candle support from last month).

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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