Technical analysis

EURCAD Wave Analysis – 5 June, 2020

EURCAD Wave Analysis – 5 June, 2020

• EURCAD reversed from resistance area

• Likely to fall to 1.5065

EURCAD recently reversed down from the resistance area lying between the key resistance level 1.530 (which has been reversing the price from May) and the upper daily Bollinger Band.

This resistance area was further strengthened by the 50% Fibonacci correction of the previous downward impulse from the start of May.

EURCAD is likely to fall further toward the next support level 1.5065 (which has been steadily reversing this currency pair from the end of April).

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