In our previous analysis, it was expected the price could move lower, this is what happened in EURCAD in last few days and the pair is moving in a bearish direction without any correction.
In our today analysis, we will look for further support level to predict the bouncing area for correction.
I am sharing 2 different time frame chart analysis below.
To learn about different kind of chart analysis , please visit Economist.
Weekly Technical Analysis EURCAD
EURCAD is in a bearish mode since few weeks and forming lower low without having any correction. The break of rising channel couple of weeks back indicates a more bearish move. The volume is still in a favor of selling.
Current market price is 1.5025.
The next support level is forming around 1.4840, It is expected the price could give a small correction hitting this target. We will look for daily time frame analysis to get the closest picture of a possible correction.
Please have a look at weekly time frame chart below.
Weekly EURCAD Technical Chart
Daily EURCAD Technical Analysis
A correction is expected in a daily time frame chart before a new low. Current market price is 1.5025 and it could move upside before a new low. The upside minimum target is 1.54500, I am expecting a reverse back from 1.54500 towards new low 1.4840 which is also the major support area in a weekly and daily zone. The longer-term target could 1.4680.
Please have a look at daily time frame chart below to get the closest picture overview.
EUR CAD SUPPORT & RESISTANCE LEVELS
Support 1: 1.4980
Support 2 : 1.4840
Resistance 1: 1.54500
For more details analysis, you can also visit this Forum.
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