Technical analysis

EURCAD Wave Analysis – 16 June, 2021

• EURCAD reversed from resistance area
• Likely to fall to support level 1.4675

EURCAD recently reversed down from the resistance area lying between the resistance level 1.4785 (which has been reversing the price from the start of May), upper daily Bollinger Band and the 50% Fibonacci correction of the upward impulse from the start of April.

The downward reversal from this resistance area stopped the earlier impulse waves (i) and C.

Given the prevailing downtrend – EURCAD can then be expected to fall further toward the next support level 1.4675.

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