EURCAD Wave Analysis 19 November 2024

– EURCAD reversed from resistance level 1.4885

– Likely to fall to support level 1.4750

EURCAD currency pair recently reversed down from the resistance level 1.4885 (which is the lower border of the wide sideways price range inside which the pair has been trading from July, acting as the resistance after it was broken earlier).

The downward reversal from the resistance level 1.4885 stopped the previous intermediate ABC correction (2) from the end of last week.

Given the strongly bearish euro sentiment seen today, EURCAD currency pair can be expected to fall to the next support level 1.4750.