Elliott Wave Intraday Analysis: EURUSD and USDCAD

By: Gregor Horvat | Tue, Mar 24, 2015
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USDCAD moved to a new swing low but not through 1.2350 from Feb 03, which is our downward objective before a big correction can be finished. As such, we are observing an incomplete red wave C) that can be an ending diagonal, currently with subwave 4 in progress, so upside can be limited near 1.2550-1.2600.

USDCAD 1h Elliott Wave Analysis

USDCAD 1-Hour Elliott Wave Analysis Chart

EURUSD is turning down as expected, following a five wave rally from 1.0610 that puts a corrective movement in play. We are tracking now wave B) as wave A) appears complete, so traders must be aware of a deeper pullback since we need three waves set-back from above 1.1020.

EURUSD 1h Elliott Wave Analysis

EURUSD 1-Hour Elliott Wave Analysis Chart

 


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Gregor Horvat

Author: Gregor Horvat

Gregor Horvat
www.ew-forecast.com

Gregor Horvat

Gregor Horvat, based in Slovenia, has been in the forex markets since 2003. He is a technical analyst and individual trader who has worked for Capital Forex Group and TheLFB.com. He also is founder of forex services on www.ew-forecast.com. EW-Forecast.com provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). Website: http://www.ew-forecast.com/

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