EURUSD and Crude Oil! – Euro and OIL Taking Time Off, Before More Gains

Intermediate

EURUSD made a nice five-wave rally from a new low at the 1.119 area, which can be first evidence that bears are temporarily finished on EURUSD, and that a temporary three-wave reversal can be in play (of a higher degree). We can now see first five legs of one wave as completed, and current intra-day drop as part of a temporary pullback with potential support near the Fibonacci ratio of 50.0 or 61.8. (1.124/1.122 region).

A new rise above the 1.128 region would confirm a completed a)-b)-c) correction, and more gains.

EURUSD, 1h

eurusd

Crude oil can be recovering in a five-wave manner up from the 56.08 area, with current, sharp and firm recovery representing wave iii of a five-wave cycle. We see price approaching possible resistance and turning point region around the Fibonacci ratio of 161.8 (61.20 area), where bulls may temporarily slow down, and a minor pullback as wave iv can follow, with potential support near the 60.0/59.8 region.
A new rally above the current high would confirm a completed wave iv, and wave v to be unraveling.

Crude oil, 1h

crude oil

Gregor Horvat

Elliot Wave Technical Analyst

Gregor Horvat is based in Slovenia and has been in the Forex market since 2003. He has been working for Capital Forex Group and TheLFB.com.

He is the owner of www.ew-forecast.com, which prov...continued

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