EUR Is Up Across Board, USD Seems Weak- Looking at EURCAD and USDJPY

By: Gregor Horvat | Wed, Jun 3, 2015
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USDJPY is headed lower, deeper into a corrective set-back that is expected to unfold with three waves. Currently we see wave C in play towards one of the supports 123.40 followed by 122.80 from where bounce could follow at the end of the week, but maybe after NFP report on Friday.

USDJPY 1h Elliott Wave Analysis

USDJPY 1-Hour Elliott Wave Analysis Chart

EURCAD is at the highs now moving up within extended blue wave (iii) that is testing 1.4 psychological level but there is room for 1.4100 where we see 161.8% Fibo target. However, short-term resistance can be near, so be aware of a fourth wave coming in sessions ahead, before market goes even higher.

EURCAD 1h Elliott Wave Analysis

EURCAD 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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