EURCAD Technical Analysis Report 12 March, 2021

• EURCAD broke round support level 1.5000
• Likely to test support level 1.4800

EURCAD under the bearish pressure today after the price broke below the round support level 1.5000 (which stopped the previous short-term downward impulse wave (iii) at the start of March). The breakout of the support level 1.5000 follows the earlier downward reversal from the key resistance level 1.5070 (former strong support from May and June of 2020). The downward reversal from this resistance level started the active impulse wave (v) – which belongs to wave C from December

Given the strong bullish sentiment affecting the Canadian dollar today – EURCAD currency pair can be expected to fall further toward the next support level 1.4800 (target price for the competition of the active impulse wave C).

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