Given the clear daily uptrend and the strength of the support level 1, EURCAD currency pair can be expected to rise further toward the next resistance level 1.5050.
– EURCAD reversed from support zone
– Likely to fall to resistance level 1.5050
EURCAD currency pair recently reversed up from the support zone located between the pivotal support level 1.4900 (former monthly high from the start of June, as you can see from the daily EURCAD chart below), lower daily Bollinger Band and the 50% Fibonacci correction of the upward impulse C from the end of June. The upward reversal from this support zone created the daily Japanese candlesticks reversal pattern Morning Star, which stopped the earlier short-term impulse wave iii, which is a part of the impulse wave C of the ABC correction (B) from the start of August.
Given the clear daily uptrend and the strength of the support level 1, EURCAD currency pair can be expected to rise further toward the next resistance level 1.5050.
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