EURUSD seems to have traced five waves down which we labeled as blue wave i from the recent highs at 1.1250 region. That said now an a)-b)-c) pullback might be underway with a possible resistance around 1.1170, where we have several Fibonacci ratios. Since we are going to be in the NFP environment we have to calculate possible spikes above this levels if they happen. In any case, we have enough of market data to look for more downside on this pair in the weeks to come. Invalidation of this count is at recent highs at 1.1250.
OIL had bounced from the recent lows in an impulsive fashion on a smaller time frame. We are looking here for a potential 1), 2) situation possibly with a price already trading in early stages of red wave 3). If this is the case, then more gains will be here soon. Support for the minor black wave 2 is seen around 41.20-30 region. Invalidation of this count is at the lows at 39.40.
Crude OIL. 1H
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