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

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