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EURUSD Looking For Support, Crude OIL Trapped Inside A Triangle

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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