• EURCAD reversed from support zone
• Likely to rise to resistance level 1.4755
EURCAD currency pair recently reversed up from the support zone lying between the key support level 1.4675 (which has been reversing the price from the middle of May) and the lower daily Bollinger Band. The upward reversal form this support zone is likely to form the second consecutive Japanese candlesticks reversal pattern Bullish Engulfing – similar to the one it created in the previous two trading sessions.
Given the strength of the aforementioned support zone – EURCAD currency pair can be expected to rise further toward the next resistance level 1.4755 (coinciding with the upper daily Bollinger Band).