Categories: Technical analysis

EURCAD Wave Analysis 31 October 2024

– EURCAD broke resistance level 1.5085

– Likely to rise to resistance level 1.5175

EURCAD currency pair recently broke the resistance level 1.5085 (which reversed the price in the middle of October).

The breakout of the resistance level 1.5085 was preceded by the breakout of the daily Triangle from September – which accelerated the active wave ii.

Given the continuation of the bearish Canadian dollar sentiment, EURCAD currency pair can be expected to rise to the next resistance level 1.5175 (the former monthly high from September and the target for the completion of the active wave ii).

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.

Share
Published by
The FxPro Tech Analysis Team
Tags: EURCAD

Recent Posts

US stocks feel selling pressure

Major US indices struggled to regain growth, with the Dow Jones slipping below last week's…

10 hours ago

Nasdaq-100 Wave Analysis 31 October 2024

Nasdaq-100 reversed from resistance level 20600.00 Likely to fall to support level 20000.00 Nasdaq-100 index…

10 hours ago

Gold & Dollar: safe-haven retreats

The dollar has seen a correction after weeks of growth, which is typical before important…

10 hours ago

US Election Trading Conditions 2024

The U.S. election takes place on November 5th, 2024, and markets are expected to experience…

12 hours ago

Introducing Binance Coin (BNB) CFD Trading!

We are excited to announce that Binance Coin (BNB) is now available as a CFD…

12 hours ago

Brent crude oil Wave Analysis 30 October 2024

- Brent crude oil reversed from long-term support level 70.00 - Likely to rise to…

1 day ago

This website uses cookies