Hello, this week this pair is very insteresting because price moved after a long period of consolidation. I know also the popularity of this pair, there are many possible scenarios and valid counts, this is MY ew count and projected long term scenario.
Be sure to check my previous works on EURUSD and GBPCAD, there are still valid and working fine so far (see related ideas):
In this weekly chart we see price is in a long term consolidaritn after a five wave decline. From my point of view price is unfolding as an ABC zigzag (circle red).
Right now i expect a final wave C red to the upside, this wave should be a strong motive one.
Currently price is retracing for wave 2 (blue), this retracement should be a deep choppy one, this is usually the personality of this wave.
The target for wave 2(blue) is near the 1.4600-1.48000 level, near the long term support (red ) and corrective channel (purple).
When price reach those levels i expect a strong rebound to the upside for a long term rally. We can look for harmonic patterns near that area (bat or cypher, see below)
Potential bullish cypher on D1:
Potential bullish bat on D1
The green arrow shows the possible price path.
Invalidation level: below 1.4557
Best regards.
Be sure to check my previous works on EURUSD and GBPCAD, there are still valid and working fine so far (see related ideas):
In this weekly chart we see price is in a long term consolidaritn after a five wave decline. From my point of view price is unfolding as an ABC zigzag (circle red).
Right now i expect a final wave C red to the upside, this wave should be a strong motive one.
Currently price is retracing for wave 2 (blue), this retracement should be a deep choppy one, this is usually the personality of this wave.
The target for wave 2(blue) is near the 1.4600-1.48000 level, near the long term support (red ) and corrective channel (purple).
When price reach those levels i expect a strong rebound to the upside for a long term rally. We can look for harmonic patterns near that area (bat or cypher, see below)
Potential bullish cypher on D1:
Potential bullish bat on D1
The green arrow shows the possible price path.
Invalidation level: below 1.4557
Best regards.
