EURCAD Wave Analysis – 20 March, 2020

• EURCAD reversed from resistance area
• Likely to fall to 1.5150

EURCAD recently reversed down from the resistance area lying between the key resistance level 1.5600 (which reversed the price twice in 2018) and the resistance level 1.5800 (top of the previous weekly Shooting Star from the start of this month).

The aforementioned resistance zone was further strengthened by the fact the price traded more than two weekly average true ranges above the upper weekly Bollinger Band.

Given the strength of the aforementioned resistance area – EURCAD is likely to fall further toward the next support level 1.5150 (former strong resistance from 2019).