E EURCAD Can Face A Bullish Turn

EUR/CAD was trading bearish the last few days, but I still see it as a three-wave a-b-c correction where we can clearly see an Elliott wave ending diagonal pattern within wave v) of c. The first evidence of a reversal would be a break above 1.5630, but bulls would be confirmed only above 1.5815.

EUR/CAD, 1h

An Elliott wave ending diagonal is a five-wave overlapping movement, which can cause a sharp and strong turn in the opposite direction. It has a 3-3-3-3-3 structure. It usually appears primarily in the fifth wave position, in the C wave position of A-B- C and in double or triple threes as the final “C” wave.