Technical analysis

EURCAD Wave Analysis 21 April, 2021

• EURCAD reversed from resistance area

• Likely to fall to support level 1.4940

EURCAD recently reversed down sharply from the resistance area lying between the resistance level 1.5200, upper daily Bollinger Band and the 38.2% Fibonacci correction of the downward impulse from December.

The price will most likely create the daily candlesticks reversal pattern Bearish Engulfing – if the price closes today near the current levels.

EURCAD is likely to fall further toward the next support level 1.4940 (former resistance from the end of March).

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