E EURUSD Turning Lower; USDCAD Into A Correction

EURUSD is slowly turning to the downside, away from 1.1628 area, where sub-wave c) of a bigger correction might have ended. If current decline drops even further and breaks below the 1.1549 level then this would confirm a bearish continuation to 1.1490 and below. However, a new rally above the 1.1628 level would suggest a more complex pullback.


USDCAD unfolded five minor legs to the upside and later found a new top at the 1.3119 level. The current intra-day drop can now be labeled as minor leg a, as part of a three-wave reversal. Support for this upcoming reversal can later be seen around the 1.3030/1.3017 region, where Fibonacci ratios of 61.8 and 50.0 can react as possible support and turning zones.


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