EURCAD Wave Analysis 24 October 2024

– EURCAD reversed from support zone

– Likely to rise to resistance level 1,5000

EURCAD currency pair recently reversed up from the support zone located between the key support level 1.4900 (former resistance from June), lower daily Bollinger Band and the 50% Fibonacci correction of the upward impulse from June.

The upward reversal from this support zone is likely to form the daily Japanese candlesticks reversal pattern Morning Star Doji.

Given the strength of the aforementioned support zone, EURCAD currency pair can be expected to rise toward the next resistance level 1,5000 (which reversed the price in the middle of this month).