Technical analysis

EURCAD Wave Analysis – 9 June, 2022

EURCAD Wave Analysis – 9 June, 2022

• EURCAD reversed from support level 1.3400
• Likely to rise to resistance level 1.3600

EURCAD continues to rise after the earlier upward reversal from the key support level 1.3400 (which stopped the previous waves (5) and (B) in April and May).

The upward reversal from the support level 1.3400 created the daily Bullish Engulfing – which started the active wave (2).

Given the strength of the support level 1.3400, EURCAD can be expected to rise further toward the next resistance level 1.3600.

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