• EURCAD reversed from resistance area
• Likely to fall to support level 1.4940
EURCAD recently reversed down sharply from the resistance area lying between the resistance level 1.5200, upper daily Bollinger Band and the 38.2% Fibonacci correction of the downward impulse from December.
The price will most likely create the daily candlesticks reversal pattern Bearish Engulfing – if the price closes today near the current levels.
EURCAD is likely to fall further toward the next support level 1.4940 (former resistance from the end of March).