Euro continues to trade sideways with a correction most likely being formed before the next leg down. Unless it’s a flat pattern, prices are more prone to decline than ascend again dollar. As of now, the pair trades 0.10% above its open.
Oil has found resistance at $96.70 but its structure looks corrective to continue its descent. Only if it turns out to be an expanded flat would the commodity fall beyond the round support at $90/bbl. Can bulls hold that line?
Gold has traded similarly and it’s also expected to form an identical pattern with oil near its top. It trades 0.20% lower in the day, but with the correction looking incomplete it seems one more leg up can be expected. Can sentiment change fast? Unlikely!
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Daily Elliott Wave Forecast: EURUSD, WTI, GOLD (23.02.22)
Euro continues to trade sideways with a correction most likely being formed before the next leg down. Unless it’s a flat pattern, prices are more prone to decline than ascend again dollar. As of now, the pair trades 0.10% above its open.
Oil has found resistance at $96.70 but its structure looks corrective to continue its descent. Only if it turns out to be an expanded flat would the commodity fall beyond the round support at $90/bbl. Can bulls hold that line?
Gold has traded similarly and it’s also expected to form an identical pattern with oil near its top. It trades 0.20% lower in the day, but with the correction looking incomplete it seems one more leg up can be expected. Can sentiment change fast? Unlikely!
Trade with an award-winning broker! Lowest spreads on the market for Forex, Precious Metals, Energies. No re-quotes, no rejection of orders & instant withdrawals.
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