Technical analysis

EURCAD Wave Analysis – 25 May, 2022

EURCAD Wave Analysis – 25 May, 2022

• EURCAD continues daily downtrend
• Likely to fall to support level 1.3600

EURCAD recently reversed down from the pivotal resistance level 1.3755 (which reversed the pair multiple times from April).

The resistance level 1.3755 is further strengthened by the upper daily Bollinger Band and by the 61.8% Fibonacci retracement of the previous downward impulse from March.

Given the prevailing daily downtrend, EURCAD can be expected to fall further toward the next support level 1.3600.

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