• EURCAD reversed from resistance zone
• Likely to fall support level 1.4860
EURCAD currency pair recently reversed down from the resistance zone lying between the round resistance level 1.5000 (which has been reversing the pair from July), upper daily Bollinger Band and the 38.2% Fibonacci correction of the extended downward impulse from December. The downward reversal from this resistance zone created the daily candlesticks reversal pattern Shooting Star.
Given the prevailing downtrend that can be seen on the daily EURCAD charts and the rising CAD bullish sentiment seen across the FX markets today – EURCAD currency pair can be expected to fall further toward the next support level 1.4860 (previous minor low from the start of September).