2 Hour Chart trend. Short possibilities. Main price points: 1.3747, 1.4000 and 1.4177. Looking for: Bounce of a trend-line
Eur/Usd made a pullb-ack in the past few sessions, very close to our blue trend-line discussed on Wednesday. We can see that the market is trading on top of a three wave move, in a blue wave ii; traders with a short bias should be watching for a near-term turning point around the 1.4000 area. In this case we will be looking for lower wave iii targets, especially if the 1.3747 lows can be out, while we are below 1.4177 resistance. If the prices do break the 1.4177 highs at any time, then we will be looking for a bullish wave count with a new upside targets, as the A), B), C) correction would then be in place (from wave B highs to 1.3747 lows).
Oil; $73 or $69 Breakout?
4 Hour Chart trend: Short possibilities. Main price points: 66.78, 69.55 and 73.15. Looking for: Break through 69.55
Oil made a failed break-out at 69.55 on Wednesday, as the market pushed the prices only to the 69 area, before a turning point appeared. Now we need to be very careful with the wave count as prices may continue much higher, if the 73.15 resistance gets broken in a near-term. This would invalidate our wave count, and in this case we will be targeting the 75 area, or even higher. However, the market may still be trading in irregular wave ii/b leg as long 73.15 holds. Any break of the 69 area will probably lead us into the 66.78 zone.
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