EURUSD Looking For Support, Crude OIL Trapped Inside A Triangle

By: Gregor Horvat | Tue, Jun 9, 2015
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Crude Oil is moving higher today, but still not ready to break the highs as we see price in subwave c of wave d) that is part of a triangle. Usually wave d) will find resistance near 78.6% Fibo level compared to wave c) which comes in just beneath the trendline connected from May highs. As such, we suspect that current gains will be limited there as wave e) still needs to unfold before we may look higher later this week.

CRUDE OIL (July 2015) 1h Elliott Wave Analysis

CRUDE OIL (July 2015) 1-Hour Elliott Wave Analysis Chart

EURUSD is making a nice retracement from latest swing high, but for now only with three waves that can represent wave (iv) as part of incomplete bullish impulse. As such, bounce back to the highs may follow in sessions ahead, so keep an eye on red wave b) swing high. If broken then rally may follow up to around 1.1400. Further weakness today, back to 1.1136 will invalidate the count.

EU89RUSD 30min Elliott Wave Analysis

EU89RUSD 30-Minute Elliott Wave Analysis Chart

 


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Gregor Horvat

Author: Gregor Horvat

Gregor Horvat
www.ew-forecast.com

Gregor Horvat

Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of www.ew-forecast.com, but before that he was working for Capital Forex Group and TheLFB.com. His feature articles have been published on: SafeHaven.com, FXstreet.com, Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu, Insidefutures.com, etc. He recently won the award on FXStreet.com for Best Forex Analysis in 2016. At www.ew-forecast.com he helps clients and educate them about the Elliott wave prinicple and how to label and track unfolding patterns in real time.  His approach to the markets is mainly technical. He uses a lot of different methods when analyzing the markets such as candlestick patterns, MA, technical indicators etc. His specialty however is Elliott Wave Theory which could be very helpful especially if you know how to use it in combination with other tools/indicators.

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