thread: EUR/CAD

EURCAD is now sitting at a critical degree of support and resistance around the entire number of 1.4400. If you scroll back on your charts this amount has shown to be a level since 1993 acting as support and resistance on numerous occasions. We currently have a dual bottom forming on the daily chart which could indicate a move on the long side but price action is currently favouring shorts. Price is presently below the 200, 20 and 50 daily ema's and the bar of today is unquestionably showing that sellers have control of the market. To enter short at this stage may be a little early, if we see a break of the amount and then a retest with a selling signal this may be the beginning of a transfer to the side that is short.

EURCAD moves in similar pattern to that of USDCAD using some time lag? Both retracements targeting base of small wave (ii). image

Target zone attained, preparing for the reversal on an extended wave (5) up.

quote Target zone attained, preparing for the alteration on an extended wave (5) up. image

Great analysis skyhok, It worked like a charm. Looking forward to see more of your charts.

Thanks.

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quote Good analysis , It worked like a charm. Looking forward to see more of your charts. Thanks. usasa. image

Thank you.
Yes, target is reached, while appearing at previous terminating patterns, there is still a possibility of a last push down to finish the tide, or it may just retrace 61% and progress from there. So be prepared for the reversal.

Possible goal for reversal.

quote Great analysis skyhok, It worked like a charm. Awaiting to see more of your charts. Thanks. usasa. image

it's a strong uptrend:

EURCAD zeroing-in onto a narrow target zone to finish down final wave before reversing, and that I agree it will be a powerful uptrend.

EURCAD zeroing-in to a narrow target zone to finish final wave down before Placing, and that I agree it will be a strong uptrend. image

speaking about short-term sounds like in a down-trend as depicted by formation of descending trend-channel on 4-hourly chart. Vulnerable to fall towards 1.4040 support zone, marking the lower trend-line support of the descending trend-channel.

quote talking about short-term sounds like at a down-trend as portrayed by creation of descending trend-channel on 4-hourly chart. Vulnerable to drop towards 1.4040 support zone, marking the lower trend-line support of the descending trend-channel. image

and here you go...

quote and here you go...

The top to your commerce whatever it is. Reversal is confirmed, is not it?