EUR/USD and USD/CAD Elliott Wave Analysis

0

EURUSD fell to a new low yesterday as expected after only a three wave rally last week to 1.3443, where we called the end of a fourth wave. From that high, the market made five waves down now. So, sooner or later the pair will look for some support and turn up once again with three legs. We however would have to see a move back above 1.3400 to expect a larger retracement.

EURUSD 1h Elliott Wave Analysis

EURUSD Elliott Wave Analysis August 6 2014 forex trading currencies

USDCAD reached the upside projected levels at 1.0970 after a break out from a triangle yesterday. We see the pair now in the final stages of wave v) of (iii) so be aware of a bearish reversal in the sessions ahead. But, keep in mind that any downward move will be temporary and part of a correction within the big uptrend.

USDCAD 1h Elliott Wave Analysis

USDCAD Elliott Wave Analysis August 6 2014 forex trading currencies

Get the 5 most predictable currency pairs

About Author

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!

Comments are closed.