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

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