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

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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