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Technical Analysis
Elliott Wave Analysis by EWF
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[QUOTE="Elliottwave-Forecast, post: 133346, member: 40858"] [FONT=Roboto][COLOR=rgb(44, 44, 44)][SIZE=6][B]EURCAD Selling Opportunity[/B][/SIZE] On June 13/2017 I published an article EURCAD : Sell the Bounce Bearish Pattern where I called for the pair to make another move lower after a bounce/retracement higher. EURCAD since then bounced and continued lower as expected but did not fully close the April 13/2017 market gap as I would have liked it to do. With still a market gap yet to be closed we at ElliottWave-Forecast believe EURCAD will make another push lower and the chart below explains where bears will be waiting to push the pair lower. [B]EURCAD 4 Hour Chart Bearish Pattern: [/B]Traders need to wait for price to hit the BC 0.50% (1.4865) where blue point D can possibly terminate and trigger sells. As long as price stays below the point B high (1.5255) expect EURCAD to continue lower. The area to watch for possible reversal lower is 1.4865 – 1.4920 [URL='https://elliottwave-forecast.com/wp-content/uploads/2017/08/eurcad-bearish-5.0-A-blog.jpg'][COLOR=rgb(170, 170, 170)][IMG]https://elliottwave-forecast.com/wp-content/uploads/2017/08/eurcad-bearish-5.0-A-blog-1024x601.jpg[/IMG][/COLOR][/URL][/COLOR] [COLOR=rgb(44, 44, 44)] If looking to sell EURCAD traders should be patient and wait for price to make a move higher towards the BC 0.50% Fib. retracement level at 1.4866. Waiting for price to hit the BC 0.50% Fib. retracement minimum will offer a better risk/reward trade setup. Blue bullish pattern is invalidated if price moves above point B of the pattern. 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. [B]*** Always use proper risk/money management according to your account size ***[/B][/COLOR][/FONT] [/QUOTE]
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