Technical analysis

EURCAD Wave Analysis 22 December, 2020

EURCAD Wave Analysis 22 December, 2020

• EURCAD broke resistance area

• Likely to rise to 1.5815

EURCAD recently broke above the resistance area lying between the key resistance level 1.5660 and 1.5700 (monthly highs from October and September respectively).

The breakout of this resistance area coincided with the 50% and 61.8% Fibonacci correction levels of the previous ABC correction (2) from July.

EURCAD is expected to rise further toward the next resistance level 1.5815 (top of the daily Evening Star from august).

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