Technical analysis

EURCAD Wave Analysis – 4 August, 2022

EURCAD Wave Analysis – 4 August, 2022

• EURCAD reversed from support level 1.3025

• Likely to rise to resistance level 1.3200

EURCAD currency pair recently reversed up from the pivotal support level 1.3025 (which has been reversing the pair from the middle of July) – intersecting with the lower daily Bollinger Band.

The upward reversal from the support level 1.3025 is likely to form the daily candlesticks pattern Bullish Engulfing.

EURCAD currency pair can be expected to rise toward the next resistance level 1.3200 (which stopped the earlier corrections (2) and 2).

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