EUR/CAD reversed from resistance level 1.4900
- EUR/CAD reversed from resistance level 1.4900
- Next sell target - 1.4600
EUR/CAD recently reversed down sharply from the resistance level 1.4900 (which is the lower boundary of the strong resistance zone which has been steadily reversing this currency pair from March, as can be seen from the daily EUR/CAD chart below). The upper border of the aforementioned resistance zone stands at the round resistance level 1.5000. This resistance area was strengthened by the upper daily Bollinger Band and by the 38.2% Fibonacci correction of the downward impulse from January.
EUR/CAD is expected to fall down further to the next sell target at the support level 1.4600 (low of the previous minor correction (ii)).