Elliott Wave Analysis On EURUSD And Crude OIL

Gregor Horvat

EURUSD is at the lows, so we are now even more confident that pair is making an extended wave three down from 1.0925. We see blue wave three already making a fifth sub-wave to the downside and that is why we need to be aware of a new short-term recovery that can show up. We are talking about blue wave four that can be very interesting to join the downtrend from around 1.0770/90 while price at 1.0864 is not breached.

EURUSD Hourly Chart

EURUSD Hourly Chart

Oil is clearly in a downtrend, but probably in fifth wave as showed on the intraday chart that can complete a bigger extended wave 3) this week. Ideally market will look lower towards the 41-41.50 area, where market may turn up for a new three waves of recovery.

Crude Oil Hourly Chart

Crude Oil Hourly Chart

Source: www.ew-forecast.com

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