Technical analysis

EURCAD Wave Analysis 21 May, 2021

• EURCAD reversed from resistance level 1.4775

• Likely to fall to support 1.4575

EURCAD recently reversed down from the key resistance level 1.4775 (top of the previous minor correction (iv)) – intersecting with the 38.2% Fibonacci correction of the downward impulse 1 from April.

The downward reversal from the resistance level 1.4775 started the active impulse wave 3.

EURCAD is likely to fall further toward the next support level 1.4575 (low of the previous impulse wave 1 from the start of October).

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