Elliott wave Analysis: CADJPY and EURUSD Intra-day Movement

Intermediate

Hi traders,

CADJPY can be unfolding five waves up, but we still see an unfinished, big five-wave rally, so seems like pair just slowed down into wave 4, where ideal support would be here around 38,2% Fibo. retracement and 83.15 level. If it continues higher back above 83.65 region, then price can go towards 84.50 – 84.80 area for wave 5.

 Invalidation level is 82.70.

CADJPY, 1h

cadjpy

EURUSD is recovering nicely, ideally unfolding leg c as part of a higher degree wave iv) correction, with possible resistance and a turning point at the Fibonacci ratio of 38.2/50.0 (1.1260/1.1290 region). At the mentioned zone we have the upper corrective channel line, and the former swing high which can also react as resistance, and push price into a new drop, below the 1.120 level into wave v) of c.

EURUSD, 1h

eurusd

Elliot Wave Technical Analyst

Gregor Horvat is based in Slovenia and has been in the Forex market since 2003. He has been working for Capital Forex Group and TheLFB.com.

He is the owner of www.ew-forecast.com, which prov...continued

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