+84 888161016

24/7 Customer Support

Mon - Sunday: 24/24

Online store always open

Chart Art: Pullback Levels WTI Crude Oil and EUR/JPY

October 20, 2022| Forex Market

Looking to catch big trends these days?

Take a look at these nearby correction levels on the charts of EUR/JPY and WTI crude oil.

Better not miss these potential swing setups!

EUR/JPY 4-hour Forex Chart

EUR/JPY 4-hour Forex Chart

This pair has busted above its triangle consolidation pattern to give the green light for euro bulls to charge!

Price is hitting a roadblock around the 147.30 area, so it might need a bit of a pullback to gather more bullish energy. Besides, Stochastic is still on the move down, which means that buyers are taking a break for now.

Using the handy-dandy Fib tool shows where more buyers might be waiting to jump in. The 61.8% level looks like a prime entry spot, as it lines up with the broken triangle top.

A shallow pullback could already find buyers at the 38.2% Fib near the 145.00 handle or the 50% level at 144.15. If any of these hold as a floor, EUR/JPY could make its way back up to the swing high and beyond.

I’m also seeing a bullish moving average crossover that suggests support levels are more likely to hold than to break!

WTI Crude Oil (USOIL) 4-hour Chart

WTI Crude Oil (USOIL) 1-hour Chart

Ahh, one of the more exciting charts to watch these days!

Crude oil continues to cruise lower inside a falling channel on its hourly time frame, and the commodity price is hanging out at the resistance.

This happens to be right smack in line with the 50% Fib and 100 SMA dynamic inflection point, which are keeping gains in check.

Price gapped lower earlier on, indicating that sellers are excited to hop back in and keep the downtrend going. In that case, crude oil could set its sights back down on the swing low at $81.95 per barrel or the channel support.

Technical indicators are pointing to a continuation of the slide, as the 100 SMA is below the 200 SMA while Stochastic is reflecting overbought conditions.

Just wait for the gap to be filled if you’re hoping to short at a better price or catch a potential breakout and reversal.

Source link

Categories: Trading tips

Get In Touch!

What type of Forex Tool(s) are you interested in ?
How can we reach you ?