Euro Rally

EURCAD Technical Analysis Report 28 January, 2022

• EURCAD reversed from support zone
• Likely to rise to resistance level 1.4350

EURCAD currency pair recently reversed up from the support zone lying between the key support level 1.4160 (which has been reversing the price from the end of November, as can be seen from the daily EURCAD chart below) and the lower daily Bollinger Band. The upward reversal from the support level 1.4160 stopped the previous downward impulse waves (iii) and 3 – which belong to the sharp downward impulse wave (C) from the middle of August.

Given the strength of the nearby support zone and the bearish CAD sentiment seen across the FX markets today – EURCAD currency pair can be expected to rise further toward the next resistance level 1.4350 (which stopped the previous waves (iv) and (ii)).

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