EUR/CAD Signal - Feb. 20, 2013

|

By: DailyForex.com

Currency: EUR/CAD
Method: Elliott Waves
Description: Looking into buying in 5 wave of EUR/CAD after wave 4 hit its level at 1.33386 with a double bottom confirming a strong support. Wave 5 took off on 15 Feb heading toward 1.3750 next resistance level. The whole cycle is classical with no expansion but in its third wave which indicate wave 5 to be equal in length to wave 1 that started earlier on 12 September 2012.  As per chart, wave 5th broke the falling channel and any pull back would be considered as of minor wave ii of final 5th which shouldn't reach out stop at 1.33950 in case it retraced 0.618 Fibonacci level.
Recommendation: Buy and Hold
Stop Loss: 1.33950
Target:1.3750

EURCAD Signal 22013

Fadi Steitie is an entrepreneur, investor and professional Forex trader who shares Forex signals with DailyForex.com based on his keen understanding of the market. His favorite pair is EUR/ USD because almost 40% of traders trade this pair and it does match most of his pattern recognition strategies. He is an expert in Elliot Wave principles as well as Ichimoku Kinko Hyu which he is currently researching. So far he has not seen many English translated books about this method of technical analysis, however he is continuing to read about it and believe this method has as much to give to traders like the Elliot Waves method does. Fadi is looking for the magic behind this principle even though many do not research this trading system.