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FX Analysis : EUR is Bearish Against USD And CAD

The USD index bounced nicely yesterday from 95.55, where the latest correction phase could be completed. We see a price action breaking higher up to 97.00. If that is the case then the EURUSD will remain weak within the current leg down from 1.1295, which already has impulsive qualities. We are looking towards a 1.1000 for the next few sessions.

USD Index, 1h

index

EURUSD, 30min

EURUSD30min

EUR is also looking weak against the Canadian dollar which is doing better because of stable moves on crude oil. On EURCAD we remain bearish, despite the recent spike up to 1.5115, where a correction can be completed after the current leg down to 1.4850. Traders shall keep an eye on the channel support line, where a breakout will open the door for a decline towards 1.4300.

EURCAD, 4H

EURCAD 4H 5

Gregor Horvat

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!