E Elliott Wave Analysis: EUR/AUD And EUR/CAD Update

EUR/USD saw some recovery yesterday, but generally speaking, we think that EUR is very weak and that weakness on cross pairs may resume as soon as EUR/USD hits resistance, which is at 1.1500. So rather than EUR/USD we may pay a closer attention to EUR/AUD and EUR/CAD. EUR/AUD can be in wave four here with nice resistance seen at 1.6100 area from where price may decline lower into wave 5.


EUR/CAD is weaker, possibly because of crude oil, but still more weakness will be expected after a fourth wave set-back.


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