GBPUSD, EURUSD and USDCAD Intra-day Updates

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Good morning traders, hope everyone had a great weekend. Let’s get going.

Cable came sharply down from 1.3611 last week which looks like an impulse, so more weakness is expected since we know that any contra-trend moves should be made by minimum three waves. With that in mind, we think that the recent recovery up to 1.3585 level is probably wave b and that a new leg down will show up as wave c, final part of wave 4 that may seek support around 1.3470.

GBPUSD, 1h

Canadian dollar has been one of the strongest on Friday after good employment figures in Canada overshadowing weak US data. We have seen an extension lower after an earlier break out of a fourth wave triangle, so we think the pair is now in fifth wave which should also contain five subwaves lower. There is room for 1.2300 where the pair may finally look for some support this week.

USDCAD, 1h

EURUSD is coming down from last week’s fresh highs of 1.2085 where the pair has completed wave three so the current pullback can be a higher degree wave four. There is a chance for a bounce from 1.1960, but would have to see 1.2030/40 again to make sure that bulls are back.

EURUSD, 1h

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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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