Bulls are having a great time on WTI oil. I wrote about WTI oil not so long ago, but price action is so fast these days! After break above resistance at 103$ price is moving up very strong. Only today we had a massive almost 3$ move up in few hours. That is something.

On 4-hour chart you can see that price is all the time above 20 moving average, which is a confirmation of trend strength.

WTI oil 4hour chart

WTI oil 4hour chart

Very near we have a 118% Fibonacci extension, but in this situation it is possible that price may move higher to 127 or 138% Fibonacci extension line. We will see pretty soon, I guess. Below you can see weekly chart with extension lines as a possible target:

WTI weekly chart

WTI weekly chart

For now I think it is smart to watch these extension lines as a possible target, and 20 moving average as a support.

There is also a strong break above 1.33 resistance on Eurusd pair. Is 50% Fibonacci retracement next target? For now only chart, I will write more about Eurusd tomorow.

Eurusd, 4hour chart

Eurusd, 4hour chart

As I said few posts back, it is an interesting week :).