ELLIOT WAVE: EURCAD BULLS LOOKING TO MAKE A NEW HIGHThe price movement for the EUR/CAD has been constrained by several channels and overlapping price action over the past few years. The above chart visualizes the WEEKLY price action of EURCAD from August 2012 low. As visible, its structure can be best labeled as a "W-X-Y" double three/combination Elliot Wave pattern.
The advance from August 2012 and March 2014 can be labeled as an (a)-(b)-(c) zigzag pattern in wave W. While the sideways and time-consuming price action that follows the rally between March 2014 and September 2019 seems to be unfolded as an Elliot Wave running triangle pattern labeled (a)-(b)-(c)-(d)-(e) in wave X.
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According to Elliot wave theory, Triangle is a continuation pattern which breaks in the direction of the preceding move. With that being said, we could see a rally in wave Y in the form of a zigzag to complete the double three structure.
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Wave Y has the potential to equal the size of wave W. So, the blue box and upper trendline of the channel is the most likely price target.
BEYOND ELLIOT WAVE
We could also see the price testing the longterm ascending trendline that extends from August 2012 low and has not been tested since 2015 for the third time. Last weekly price action closed as bullish outside or engulfing bar, this further suggesting a potential surge in the exchange rate of EURCAD.
Thanks for reading!
Eurcadbuy
EURCAD FALLING WEDGE PATTERN"In the name of Allah, the Most Gracious, the Most Merciful"
EURCAD FALLING WEDGE PATTERN.
Note: This is only for Educational Purpose this is not Investment advice.
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Adil Khan
EUR/CAD: Daytrade-Opportunity#BUYEUR/CAD: Daytrade-Opportunity#BUYHey tradomaniacs,
welcome to another free signal of Week 36 Nr. 8
How to trade: Wait for the breakout, retest and rejection before you buy.
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Type: Daytrade
Buy here: 1,46430
Stop-Loss: 1,46112
Target 1: 1,46856
Target 2: 1,47065
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Peace and good trades
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EURCAD approaching support, potential for a bounce!
EURCAD is expected to drop to 1st support at 1.47072 where it could potentially react off and up to 1st resistance at 1.46351.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully
understand the risks.
SELL EURCAD AT MARKED ENTRY We previously saw EURCAD break out of range bearish until most recent point of support by which it had completed the first potential cycle. Price still has bearish potential from which we may see price move bearish from around 1.48626 and complete the move at 1.42913.
Stoploss is about 220 pips so manage your risk accordingly.
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EURCAD LONG TRADE IDEAThe EURCAD made an impulsive move to the upside and followed by a corrective structure that has retraced 61.8% of the rally.
The prices have rejected a broken resistance that lined up with mean value "moving averages" as support.
Price has the potential to resume higher from the near current level and resistance level @ 1.51700 area is a plausible target!
Eur/Cad Update!The Support Level is hard to see on the daily and even weekly chart, but it does exist! This is a monthly support level!
so.....
1. Daily Chart Came Down To Monthly Support and moved up , and then CAME DOWN again and RETESTED the Montly Support Area!
2. Indicators on hour 4 indicate a buy now!
So the Idea is that we are have entered a buy on the daily chart at a monthly support area and we ENTERED our trade on hour 4 to confirm this buy!
I hope this helps!
EURCAD DThe pair has reached a somehow interesting area. On the one hand it broke a long term trendline on the 3rd of July but now seems to have found support at the 1.468 area. I believe the pair can rally to retest the resistance at the 1.4915 area. Reasons for believing this are :
1) Support area at 1.468 has been respected
2) We saw the formation of a pinbar breaching the support area but closing the day just over it or on it.
3) RSI is in overbought area
4) MACD seems to confirm the reversal by gaining some strength
Please comment if you have a different view.
Trade safe!!