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

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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