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Elliott Wave Analysis EURUSD and Crude OIL August 5 2016

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By Published: Last Modified: Daily Look, EUR/USD Daily

EURUSD

EURUSD seems to have traced five waves down which we labeled as blue wave i from the recent highs at 1.1250 region. That said now an a)-b)-c) pullback might be underway with a possible resistance around 1.1170, where we have several Fibonacci ratios. Since we are going to be in the NFP environment we have to calculate possible spikes above this levels if they happen. In any case, we have enough of market data to look for more downside on this pair in the weeks to come. Invalidation of this count is at recent highs at 1.1250.

EURUSD, 1H

EURUSD 1 (2)

Crude OIL

OIL had bounced from the  recent lows in an impulsive fashion on a smaller time frame. We are looking here for a potential 1), 2) situation possibly with a price already trading in early stages of red wave 3). If this is the case, then more gains will be here soon. Support for the minor black wave 2 is seen around 41.20-30 region. Invalidation of this count is at the lows at 39.40.

Crude OIL. 1H

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About Author

Grega 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 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 educates them about the Elliott wave principle 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. EW-Forecast To be involved in the market effectively, you need the right guidance and resources, and our team can help you to achieve that. Our team is providing advanced informations about Elliott Wave theory in real time. The Elliott Wave Principle gives you a method for identifying the behavior of the markets and at what points the market is most likely to turn. We help new traders who are interested in Elliott Wave theory to understand it correctly. We are doing our best to explain our views as simple as possible with educational goal, because knowledge itself is power!

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