EW ANALYSIS: EURCAD Just Started A Three-Wave Correction
Updated
Hello traders! Today we will talk about EURCAD!
Well, looking at the 4-hour chart, it's trading impulsively bearish, but in the last couple of weeks price has slowed down, which gave us an idea of a completed five-wave drop, where fifth wave was an ending diagonal. regardin EW, when ending diagonals fully complete, usually sharp and impulsive reversals occur and seems like it's just happening!
That said, we believe that EURCAD may start recovering into a bigger three-wave A-B-C correction, so watch out for more upside here back to 1.5220 – 1.5300 resistance area, where bears may show up again!
If from any reason goes higher or more complex, we remain bearish as long as it's trading below 1.5640 invalidation area!
Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
Well, looking at the 4-hour chart, it's trading impulsively bearish, but in the last couple of weeks price has slowed down, which gave us an idea of a completed five-wave drop, where fifth wave was an ending diagonal. regardin EW, when ending diagonals fully complete, usually sharp and impulsive reversals occur and seems like it's just happening!
That said, we believe that EURCAD may start recovering into a bigger three-wave A-B-C correction, so watch out for more upside here back to 1.5220 – 1.5300 resistance area, where bears may show up again!
If from any reason goes higher or more complex, we remain bearish as long as it's trading below 1.5640 invalidation area!
Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
Note
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