Elliott Wave Analysis: EURUSD And USDCAD

By: Gregor Horvat | Tue, May 24, 2016
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EURUSD

New home sales report will be watched during the US. EURUSD is still on the downside trajectory with current price action in the final stages of an extended blue wave 3, specifically in sub-wave v). We believe that blue wave iii, can find it's support around 1.110 zone, where the Fibonaccio ratio of 161.8 can react as a turning point into a corrective blue wave four. Ideally this corrective wave four will then touch levels around 1.123 region of a formal wave iv), which can react as a resistance and a turning point into lower levels.

Invalidation level is at 1.13580, as long as it hold, we are looking to the downside.

EURUSD, 1H

EUR/USD 1-Hour Chart


USDCAD

USDCAD is still on the upside move after a few minor corrections. Current pullback we see as a flat formation pattern with support seen around 1.3098 levels from where we could continue to go higher and complete the black wave 3 around 1.2340 levels. So advance is still incomplete since we don't yet have a clear five wave move, meaning we stay bullish on this pair until a five wave sequnece is visible.

USDCAD, 1H

USD/CAD 1-Hour Chart

 


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Gregor Horvat

Author: Gregor Horvat

Gregor Horvat
www.ew-forecast.com

Gregor Horvat

Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of www.ew-forecast.com, but before that he was working for Capital Forex Group and TheLFB.com. His feature articles have been published on: SafeHaven.com, FXstreet.com, Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu, Insidefutures.com, etc. He recently won the award on FXStreet.com for Best Forex Analysis in 2016. At www.ew-forecast.com he helps clients and educate them about the Elliott wave prinicple and how to label and track unfolding patterns in real time.  His approach to the markets is mainly technical. He uses a lot of different methods when analyzing the markets such as candlestick patterns, MA, technical indicators etc. His specialty however is Elliott Wave Theory which could be very helpful especially if you know how to use it in combination with other tools/indicators.

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