EURCAD - Short Possibility (Elliott Wave)

Currency Pair: EURCAD
Frequency: Daily
Predicted Direction

EURCAD is currently trading at the downward impulse wave 3, which belong to the intermediate corrective wave (C) started from June 2017. As the price has broken the support of the upward trend line on September 6 and it has failed to retest the higher above the trend line on last week. The price drops sharply today giving us a confirmation of opening up the downside movement. EURCAD will test the first support zone of 1.4400 - 1.43392, with breaking this level the price will continue its bearish trend towards to the final support level of 1.37839

Comment:

Trade active:

I still agree with my previous idea of EURCAD on Sep 27. EURCAD is currently trading at the corrective wave ((II)), which belongs to the downward impulse wave 3. The price has failed to retest the resistance trendline three times on Sep 19, 29 and Oct 11, showing that the market is actually controlled by bearish perspective. The price has been consolidating around the level at 1.47121 on the past 2 weeks and I personally trading active on this level with SL at 1.48931. I do expect the price soon to test the support zone of 1.4400 - 1.43392 and towards to my final target of 1.37839

Trade closed: stop reached:

Hit my stop loss level of 1.48931