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Eurcadsetup

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. . 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. . 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!
Long
by Veejahbee
4
EURCADIt Could rise up to 1.46487 (50) Pips up Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Past performance is not indicative of future results. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts. Please add a comment... Positive feedback and constructive criticism are important to authors and the community.
Long
by Sibusiso1991