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EURNZD and EURCAD, Both Can Face A Bullsih Surprise – Elliott wave Analysis

EURNZD seem to be trading in a three-wave drop down from the 1.726 high, giving us an idea of a bigger A-B-C correction to be in play. We specifically see price unfolding a five-wave drop as part of wave C, which can look for support and a bounce near the 1.6700 region. A rally in five waves and a break above the 1.687 level would confirm more gains.

EURNZD, 1h

EURCAD broke out of a wave “iv” triangle into new lows for wave “v”, so be aware of a three-wave a-b-c corrective recovery back to 1.53 – 1.54 resistance area soon. As long as price keeps trading below 1.5638 we will remain bearish.

Support and possible bounce for the upcoming recovery can be around the Fibonacci projection zone of 138.2 and 161.8.

EURCAD, 4h

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!