EURCAD Wave Analysis 26 August 2024

– EURCAD reversed from the long-term resistance level 1.5115

– Likely to test support level 1.5000

EURCAD currency pair recently reversed down from the long-term resistance level 1.5115 (which has been reversing the price from the start of 2021) coinciding with the upper weekly Bollinger Band.

The downward reversal from the resistance level 1.5115 started the active impulse wave 1 of the higher impulse sequence (1).

Given the strength of the resistance level 1.5115 and the bullish Canadian Dollar sentiment, EURCAD currency pair can then be expected to fall to the next round support level 1.5000.