• EURCAD reversed from resistance area
• Likely to fall to support level 1.4900

EURCAD currency pair recently reversed down with the daily Shooting Star candlesticks reversal pattern from resistance zone located between the key resistance level 1.5100 (previous monthly high from the middle of July) and the upper daily Bollinger Band. The downward reversal from this resistance zone stopped the previous short-term impulse wave (i).

Given the proximity of the aforementioned resistance zone and strongly bullish Canadian dollar sentiment on oil gains, EURCAD currency pair can be expected to fall further toward the next support level 1.4900 (former resistance level from the end of July).