EURCAD Wave Analysis – 27 May, 2021

• EURCAD reversed from resistance area

• Likely to fall to support level 1.4665

EURCAD recently reversed down from the resistance area lying between the resistance level 1.4800, upper daily Bollinger Band and the 38.2% Fibonacci correction of the downward impulse from April.

The downward reversal from this resistance area is aligned with the predominant downtrend that can be seen on the daily EURCAD charts.

EURCAD can then be expected to fall further toward the next support level 1.4665 (low of the previous minor correction (b))).