EURCAD Wave Analysis 6 August 2024

– EURCAD reversed from resistance level 1.5110

– Likely to fall to support level 1.5000

EURCAD currency pair recently reversed down from the long-term resistance level 1.5110 (which has been reversing the price from the start of 2011), standing close to the upper weekly Bollinger Band.

The downward reversal from the resistance level 1.5110 created the weekly Japanese candlesticks reversal pattern Shooting Star.

Given the strength of the resistance level 1.5110 and the overbought daily Stochastic, EURCAD currency pair can be expected to fall further toward the next round support level 1.5000 (former resistance from the end of 2023).