EURCAD Another Bearish Wave Likely

EURCAD printed a double bearish candles at the main horizontal resistance for the overall down trend. Firstly a spinning top candle, followed by a smaller shooting star candle. Today, the price confirmed the rejection and broke back below the low of the spinning top candle at 1.4642, and closed the daily candle below it. Meanwhile, the RSI has reached its prior resistance area, just below overbought region.

Having that said, I am speculating on a down move towards a first target at 1.4550 and second near the main support area around 1.4450.

Komentarz:

First target hit earlier. Lets see if we get to second.