EUR/CAD Signal - Feb. 20, 2013

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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

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