Home EUR/USD in wait and see mode, crude looking bullish –
Daily Look

EUR/USD in wait and see mode, crude looking bullish –

EURUSD

EURUSD rallied up to 1.1300 resistance yesterday from where we have seen a bearish turn, but still not in five waves. Also, the price is trading far away from 1.1177 bearish level so it would be too soon to confirm the end of wave E. So actually we need to wait for more price data before we may look down into a strong bearish trend.

EURUSD, 1H

EURUSD 1

Crude OIL

Crude oil is trading very nicely to the upside for the last few days, clearly, with an impulsive price action, so even more gains are expected to occur in sessions ahead as we see a current minor turn down from the high as just another fourth wave within the uptrend. However, the pullback can be deeper, down to 45.30/45.50 before uptrend resumes for the fifth wave towards 47 and 48. In the meantime, invalidation level remains at 44,16.

Crude OIL, 1H

oil 1

 

Gregor Horvat

Gregor Horvat

Grega Horvat Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of Ew-Forecast, 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 Ew-forecast 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!