EUR/USD and USD/CAD Intraday: Elliott Wave Analysis

The USD was on the rise last week, so we definitely expect an even stronger USD in the days ahead. However, on EURUSD we see the market falling now within wave v of iii) so we should be aware of a corrective rally after five waves down to 1.3485. There is also a divergence on the RSI that suggests a bounce in price. But any bounce should unfold in three waves only, ideally it will represent a rise of a wave iv) as part of a big downtrend.

EURUSD 1h Elliott Wave Analysis

USDCAD was the mover of the day on Friday as the pair rallied straight up to 1.0800 after a break out of a triangle that we were tracking for a whole week. Well, we are now tracking wave (v) here that should be made by five smaller waves, which means that more upside could follow in the next few sessions, as we see a current slow intraday price action as one of a fourth wave with wave iii).

USDCAD 1h Elliott Wave Analysis

Gregor Horvat

Grega Horvat Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of Ew-Forecast, but before that he was working for Capital Forex Group and TheLFB.com. His feature articles have been published on 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 Ew-forecast he helps clients and educates them about the Elliott wave principle 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. EW-Forecast To be involved in the market effectively, you need the right guidance and resources, and our team can help you to achieve that. Our team is providing advanced informations about Elliott Wave theory in real time. The Elliott Wave Principle gives you a method for identifying the behavior of the markets and at what points the market is most likely to turn. We help new traders who are interested in Elliott Wave theory to understand it correctly. We are doing our best to explain our views as simple as possible with educational goal, because knowledge itself is power!

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