Elliott Wave Analysis On EURUSD And USDCAD
EURUSD is trading nicely lower for the last few weeks and it has now shape of an impulsive decline underway if we consider sharp fall yesterday to 1.1200 area which was our minimum downside objective. But decline looks strong so we expect more weakness within red wave 3) headed to 1.1000 area, while price trades beneath upper channel resistance line and 1.1348 swing high.
USDCAD is at new high, now making a strong run up from 1.2890 so it can be wave three of three that will be targeting 1.3300-1.3400 area. Invalidation level is near 1.3000 so as long this price is not breached we see trend in bullish mode within a big recovery that we see it unfolding on higher time frames.
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