EUR/CAD reversed from resistance zone

EUR/CAD reversed from resistance zone

  • EUR/CAD reversed from resistance zone
  • Next sell targets - 1.4240 and 1.4160

EUR/CAD recently reversed down from the resistance zone lying between the resistance level 1.4600 (which was set as the buy target in our earlier forecast for this currency pair), upper daily Bollinger Band and the 51% Fibonacci correction of the sharp downward impulse wave (1) from last November. The downward reversal from this resistance zone created the daily Japanese candlesticks reversal pattern Bearish Engulfing.

EUR/CAD is expected to fall to the next sell target at the support level 1.4240 (low of the pervious B-wave) – the breakout of which can lead to further losses toward 1.4160.

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