EUR/CAD buying the dips at the blue box area

In this technical article we’re going to take a quick look at the Elliott Wave charts of EURCAD published in members area of the website.  As our members know, the pair is showing bullish sequences in the cycle from the August 2022 low.  Our team recommended members to avoid selling , while keep favoring the long side.  Recently we got correction that reached our buying zone. The pair found buyers and made rally from the blue box as expected. In the further text we are going to explain the Elliott Wave Forecast and trading strategy.

EUR/CAD Elliott Wave 1 hour chart 04.28.2023

The pair is giving us wave ((iv)) pull back that is unfolding as Zig Zag pattern. We expect to get more short term weakness toward 1.4889-1.4802 area which will be our buying zone. We don’t recommend selling the pair against the main bullish trend. Strategy is waiting for the price to reach blue box- equal legs zone, before entering the long trades again.  Once bounce reaches 50 Fibs against the (b) blue high , we will make long position risk free ( put SL at BE) and take partial profits. Invalidation for the long trades is break of 1.618 fib ext : 1.4802.

EUR/CAD Elliott Wave 1 hour chart 05.04.2023

EURCAD made decline in (c) leg and reached buying zone at 1.4889-1.4802 area( blue box) . Pull back completed at the 1.4841 low and we got a  very good reaction from the buying zone. Members who took the long trade are enjoying profits now in a risk free positions. Currently EURCAD is giving us pull back against the 1.4841 low. If pivot at that low gives up, we can get a deeper pull back per alternative view.