EURCAD Bearish Wave C is Around the Corner

Ahmed Darwish Forex Community

Hi traders,

EUR/CAD developed a bullish momentum during the last weeks... It seems that this price action was developing bullish wave B pattern I think that the pair is now is waiting bearish wave C confemrtion.

We will review different scenarios as the pair can either bounce for bearish momentum of wave C or expand the bullish momentum of wave B .

This article will discuss the wave perceptive and expected scenarios for the pair during the coming days using wave pattern, support, and resistance and SWAT software.

EUR/CAD Wave Pattern

The below chart shows that the pair developed a bullish momentum... In my view, the pair is in wave B now and we are still looking for the confirmation of bearish wave C. And here are the main conclusions:

Wave C is usually composed of 5 waves.
I think that the pair will start wave 3 of wave C.
Wave 3 final target is usually at 161.8% Fibonacci expansion.

For the moment I expect the bearish momentum of wave C to take place.

EUR/CAD SWAT CHART

Now it’s time to use the SWAT 4-hour chart to determine the entry points according to the expected wave patterns... SWAT Chart shows a start of bearish momentum ... Here are the main developments to consider:

A strong bearish candle breaking the up trande and the 21EMA ,144 EMA
Our target Wizz 5 .
I advise traders always to protect their profit or use trailing stops.

Thnaks

Ahmed

Author

Ahmed Darwish

Forex Community

Full time trader, Ahmed Darwish has a bachelor degree in accounting and has been working in Forex since 2011. He publishes his analysis article in two languages (Arabic and English) in different Forex websites.

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