– EURCAD reversed from resistance zone

– Likely to fall to support level 1.6100

EURCAD currency pair recently reversed from the resistance zone between the long-term resistance level 1.6250 (which has been reversing the price from April) and the upper daily Bollinger Band.

The downward reversal from this resistance zone stopped the earlier short-term impulse wave iii from the middle of July.

Given the strength of the resistance level 1.6250 and the bullish Canadian dollar sentiment seen today, EURCAD currency pair can be expected to fall further to the next support level 1.6100.