EURCAD currency pair be expected to fall further toward the next support level 1.4950 (which stopped the previous minor correction B).
– EURCAD reversed from resistance area
– Likely to fall to support level 1.4950
EURCAD currency pair recently reversed down from the resistance area set between the pivotal resistance level 1.5160 (which has been repeatedly reversing the price from the start of August, as you can see from the daily EURCAD chart below) and the upper daily Bollinger Band. The downward reversal from this resistance stopped the c-wave of the previous ABC correction (B) from the end of August – which is a part of the larger primary ABC correction B from the start of last month.
Given the strength of the aforementioned resistance level 1.5160, the bearish euro sentiment that can be seen across the FX markets today and the overbought daily Stochastic, EURCAD currency pair be expected to fall further toward the next support level 1.4950 (which stopped the previous minor correction B).
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