<p>WTI crude oil futures settled at $73.39 today. That was down -$2.49 or -3.28%. </p><p>The high price reached $78.00 today. The low reached $73.13. The price traded to the lowest level going back to January 23. The low for the year reached $72.46 back on January 5th. The cycle low from December reached $70.08. </p><p>For the week, the price of crude oil tumbled by $8.06%. The close last week was up at $79.68.</p><p>Taking a broader look at the weekly chart, the price of crude oil has been moving up and down since November 21 week. Since that week, the price has seen resistance near the 50% of the move up from the November 2020 low near $82.07 (the high reached $82.64), and support near the 61.8% of the same move at $70.84 (the low dipped to $70.08). The 100 week MA at $83.36 is also a key level that the price has been able to stay below since breaking on the week of November 14, 2022. </p>

This article was written by Greg Michalowski at www.forexlive.com.

<p>The EURUSD has fell below the 100/200 hour MAs after the jobs report and also below a swing area that was a ceiling going back to mid- January between 1.0866 and 1.0874 (see lower „Red Box“ on the chart above). </p><p>The price decline continued toward the next target near 1.0799 and 1.0805. The subsequent corrective move higher stalled near the swing area again near 1.0866 to 1.0874 before restarting the downward move. These levels were outlined in my earlier video <a target=“_blank“ href=“https://www.forexlive.com/technical-analysis/the-strong-us-jobs-report-sent-the-us-dollar-sharply-higher-what-next-20230203/“ target=“_blank“ rel=“follow“>HERE</a>. </p><p>The price low has just reached the 1.0799 target. </p><p> What now?</p><p>Dip buyers will want to see this level hold. Risk is defined and limited against the area. If it holds, and the price can get back above the broken 38.2% a 1.08207, the buyers will look toward 1.08345 and above. </p><p>On the downside, on a break below 1.0799, I would expect more selling with the same midpoint of the 2023 trading range at 1.07558 along with the low of the lower „red box“ between 1.0760 and 1.0775 as a target area. A move below that level is another key target area to get to and through if sellers are to take back more control.</p><p>Meanwhile, stocks have continued the drip to the downside. </p><ul><li>Dow is down 165 points or -0.46%</li><li>S&P is down -45 points or -1.07%</li><li>NASDAQ index is down -194 points or -1.59%</li></ul>

This article was written by Greg Michalowski at www.forexlive.com.