EURCAD broke major downtrendline
Bullish wave (a) ended at level 1.4820
then corrective bearish wave (b) rejected from key level corresponding to 61.8% Fibonacci level at 1.4670
Price is based above HVN at level 1.4715 which indicates that pair is in accumulation phase
Above SMA 100
It's expected forming bullish wave (c) to target level 1.4920
As you may see in the chart the pair completed a 3 wave down. this may be the end of a bearish run or just part of it. What is obvious in the chart is that we should have a bullish run at least to 1.5043 which is covered with to PRZ target. first the 1.618 extension of the previous upward movement. And the second is 0.382 fib ret of 3 or c. so I am going long with...
". There is a possibility of temporary retracement to the suggested support line (1.47450).
. if so, traders can set orders based on Price Action and expect to reach short-term targets."
. EURCAD is in a range bound, and the beginning of an uptrend is expected.
. The price is above the 21-Day WEMA, which acts as a...
EUR/CAD is setting up for a move to the upside to complete Wave (C) of Y as the current Elliott Wave structure suggests Wave V of (C) of X has completed.
The target for Wave Y is at 1.56427, which is 61.80% of Wave W.
A break below 1.42640 will invalidate this setup and we'll look to reevaluate the wave count.
If EUR/CAD breaks above 1.48410, this would...
Following a strong downtrend in EURCAD, the daily price chart is forming a pattern that could change the direction of the trend or as a minimum we can seen a bullish movement for the short term. Waif for the price to close a solid candle outside of the pattern.
Thank you and Good Luck!
EURCAD is facing bullish pressure from our ascending trend line and could see a further upside here. Our entry is in line with the 78.6% retracement with stop loss placed slightly below the previous low. Take profit targets are at -27.2% retracement and -61.8% retracement respectively. What are your thoughts on EURCAD?
The price is consolidating in the support zone, a strong trend does not allow a rollback, keeps it in a flat. I am expecting a fall to a strong historical level. My goal for the near future is a strong support level at 1.44453
Traders, if you like this idea or have your own opinion about it, write in the comments. I will be glad👩💻
EURCAD is in a bigger pennant pattern and is approaching the support of the pattern. We can see that we are currently in a descending wedge indicating that a reversal may happen soon. On the lower timeframe we can look for trading opportunities within the wedge until we buy the breakout. Will update once we achieve a breakout.
Goodluck and trade safe!
We have a long term bullish bias on EURCAD, on the H4, prices are pulling back to the ascending trend line, in line with the 61.8% fibonacci retracement and we can see a bounce from here. For stop losses, this is placed according to the previous low that was respected by prices and our take profit targets are based off the highs and the second...
Hey everyone! Prices are testing resistance in line with 78.6% retracement and extension where we could see a reversal here. Overall direction for me on the bigger time frame is still bullish, playing the pullback here. What are your thoughts on EURCAD?
Seeing a trend reversal on EURCAD here, on the H1, prices could see a pullback to test the entry which is in line with the 78.6% Fibonacci confluence levels where we could see a bounce here. On the daily and H4 time frame, in terms of market structure, the resistance zones have been broken. I think we could be seeing a lot more upside on EURCAD...
This is not one of the best patterns in EURCAD as it looks very choppy in general and can position us in a very bad situation.
Anyway this is a possible short term move in this currency pair.
Thank you and Good Luck!