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EURCAD Technical Analysis 12 November, 2021

gains

• EURCAD reversed from support zone
• Likely to rise to resistance level 1.4455

EURCAD currency pair continues to rise after reversing up from the support zone lying between the pivotal support level 1.4320 (which has been reversing the pair from the start of October) and the lower daily Bollinger band. The upward reversal from this support zone created the daily Japanese candlesticks reversal pattern Piercing line, highlighted below.

Given clear triple bullish divergence on the daily Stochastic indicator, EURCAD currency pair can be expected to rise further toward the next resistance level 1.4455 (which reversed the price earlier this month).

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