Elliott Wave Analysis on EURUSD and Crude OIL

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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

Gregor Horvat is  based in Slovenia (Central Europe) and has been in Forex market since 2003. He is technical analyst and individual trader who also provide a lot of articles and trade plans based on the Fibonacci and Elliot Wave principle. He was working for Capital Forex Group and TheLFB.com. His feature articles have been published in: Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu. He mostly focuses on currencies, oil, gold, and the U.S. stock market. Gregor Horvat is also founder of forex services on www.ew-forecast.com. EW-Forecast.com provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). EWP provides a method for identifying price points at which a market is most likely to turn. Knowing the probable swing and reversal points provides confirmation of where investors could enter and exit positions for the highest probability of success. Gregor Horvat Chief  Technical Strategist Website:  For more analysis visit our website and Try our services absolutely free for 7-days! http://www.ew-forecast.com/service//

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