Categories: Technical analysis

EURCAD Wave Analysis – 20 November, 2019

  • EURCAD reversed from resistance level 1,470
  • Likely to fall to 1,4550

EURCAD today reversed down from the key resistance level 1,4700 (which has been reversing the price form the middle of September) – intersecting with the upper daily Bollinger Band.

The resistance level 1,4700 is further strengthen by the nearby 50% Fibonacci correction of the previous downward impulse from August.

EURCAD is expected to fall toward the next support level 1,4550  (which reversed the price multiple times at the start of November).

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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