Hello fellow traders. As our members know, we have traded EURCAD recently. The pair have had incomplete bullish sequences in the 4 Hour cycle,suggesting further rally. We advised our members to avoid selling the pair and keep on buying the dips in the sequences of 3,7,or 11 swings whenever there was an opportunity to do so. We were already long in the pair from 1.4837 area , as explained in previous blog. The pair has found buyers and gave us nice profits breaking above January peak. Once the pair has broken above 01/25 peak, it has made incomplete bullish sequences in the short term cycle from the 01/09 low as well. Lately it has given us another opportunities for intraday traders.
Now, we’re going to take a quick look at the past Elliott Wave chart of EURCAD published in members area of www.elliottwave-forecast.com
EURCAD 1 Hour Elliott Wave Analysis 2.7.2018
As we can see on the charts bellow, wave ((x)) black pull back is in progress. It’s labeled as (a)(b)(c) correction , when we’re still in (c) blue leg. As of right now the price is missing another marginal swing to the downside. The pair might see another leg toward 1.5387-1.5352 ( buy zone for intraday traders) . At that area buyers should appear for further rally ideally or 3 wave bounce at least. We don’t recommend selling it against the main bullish trend and favor the long side. Invalidation for the long trades is break below 1.618 Fibonacci extension : 1.5294 level.
We got proposed leg lower toward our buying zone : 1.5387-1.5352 . The pair found buyers at mentioned area and completed pull back there. It has given us nice reaction so far ,members are enjoying profits with risk free positions. Pair has already broken above 2/6 peak as shown in the chart below and this adds more conviction to the view that next leg higher has started.
Keep in mind market is very dinamic and short term view could have ended in meantime. If you’re interested in new Elliott Wave forecasts of EURCAD and trading setups you can find them in the membership area of EWF.
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