Elliott Wave Analysis: EURCAD and GBPUSD

EURCAD

EURCAD is higher, now at 61.8% Fib level which can be a very important reversal zone as we see seven legs up from the low; a double zigzag which is a contra-trend pattern. As such, a drop from the current levels may not be a surprise, but would need a break of 1.4956 and a broken channel to confirm more weakness ahead.

EURCAD, 1H

GBPUSD

Cable is higher from May 12 low, but a move cannot be counted in five waves, therefore we think it can represent a correction. Ideally, it’s a double zigzag which may send prices lower, but would need 1.2880 break of wave X support to make sure that the pound will be on a bearish foot.

GBPUSD, 1H

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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