Crude Oil Getting Ready For A Bullish Ride; EURNZD Taking A Break

Intermediate

EURNZD is trading bullish, now unfolding wave iv, as part of a bigger wave 5 of C). We can see recently completed leg three, that can now be followed by a temporary pullback as leg iv, with minimum three legs. Support for wave iv can be around the Fibonacci ratio of 38.2 (1.715 area), and near the lower trendline, connected from 1.692 low.

EURNZD, 1h

eurnzd

Crude oil made a five-wave rally within wave A), which was then followed by a deep pullback labelled as wave B). A-B-C legs may have fully developed, and ideally energy found support at Fibonacci ratio of 78.6 (51.55 area). In such case, a new sharp leg higher may follow, that can be part of a higher degree wave C). A rally above the 54.02 level would confirm that bulls are here.

Crude oil, 1h

crude oil

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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