*Forecast invalidated / Patterns invalidated*
EURCAD Technical Analysis January 12/2017
EURCAD 1 hour Elliott Wave count can be calling for more downside and also there are two possible bearish patterns to match the bearish Elliott Wave count. As long as the pair stays below 1.4055 we can expect the pair to continue lower. Both the Elliott Wave and bearish patterns invalidate at 1.4055 and if the pair breaks above this invalidation level we can expect the pair to correct higher. As for now we remain bearish as long as the invalidation level holds.
EURCAD 1 Hour Elliott Wave Count
EURCAD 1 Hour Two Bearish Patterns
If EURCAD moves lower we expect the pair to possibly continue lower towards the 1.3680 level minimum where bulls/buyers might perhaps be waiting to push the pair higher. Below, the EURCAD weekly chart shows a possible bullish pattern showing why and perhaps bulls will be waiting at the 1.3680 area. If the pair reaches this level bears/sellers should take profit.
EURCAD Weekly Chart Possible Scenario
Of course, like any strategy/technique, there will be times when the strategy/technique fails so proper money/risk management should always be used on every trade. Hope you enjoyed this article and follow me on Twitter > @AidanFX if you have any questions
*** Always use proper risk/money management according to your account size ***
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