Categories: Technical analysis

EURCAD Wave Analysis – 27 July, 2020

• EURCAD broke key resistance level 1.5540
• Likely to rise to 1.5785

EURCAD recently broke above the key resistance level 1.5540 (former monthly high from May), intersecting with the 50% Fibonacci retracement of the previous downward correction from March.

The breakout of the resistance level 1.5540 accelerated the active impulse waves 3 and (3).

EURCAD is likely to rise further toward the next resistance level 1.5785 (top of the Shooting Star from March and the target for the completion of wave 3).

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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