Categories: Technical analysis

EURCAD Wave Analysis 18 January, 2021

• EURCAD reversed from key support level 1.5330

• Likely to rise to 1.5500

EURCAD recently reversed up from the key support level 1.5330 (former monthly low from November) standing well outside of the lower daily Bollinger Band.

The support area near the support level 1.5330 was further strengthened by the 38.2% Fibonacci correction of the upward price impulse from the start of 2020.

Given the strength of the support level 1.5330 – EURCAD is expected to rise further toward the next resistance level 1.5500.

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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