The EUR/CAD pair has formed a head and shoulder pattern in 30-min chart.
It is currently retesting its neckline which is good time to make a short entry.
Hence we expect the pair to be bearish in the short term.
The 30min chart of EUR/CAD is currently in downtrend.
It has formed a full elliot wave as indicated in the chart.
As per our analysis,we expect the pair to go through ABC corrective wave.
After breaking the H&S neckline it is retesting on Daily time frame with little support in curve trendline and daily candle looks like an inverted candle (Since few more hours to go) if we get inverted candle then the break of curve trendline will bring the pair down to next support zone. If we go down the time frame it has beautifully rejected the neckline.
FX_IDC:EURCAD is moving lower to test its previous support at 1.44970.
Buy at 1.45000 for a target 1.45600. Since the previous level of 1.44800 has provided excellent support multiple times before on the 1h & 2h timeframes, maintain stop of 1.44800
First we need to focus on EurCad daily chart .. here i can find that market breaks 0.236 Fib level which clears the path for next fib 1.4382.. Bingo so we meet with Third condition Take Profit 1.4380(2pip down from target)
4 Hour chart
My second chart
here i can see market is trying to creat a Crab gartley Pattern .. which have a target little bit upside .....
