Price of Crude Oil Will Likely Gain Speed Above $103, EUR/USD Constrained.

Key Take-Aways

  • Above the $100 threshold, the price of crude oil started to rise again.
  • On the 4-hours chart, a significant negative trend line is developing with resistance close to $103.
  • Before encountering sellers, EUR/USD rose beyond 1.0200.
  • GBP/USD is having trouble breaking through the 1.2040 barrier area.

Price Technical Analysis for Crude Oil

After falling below $100, the price of crude oil continued to decline against the US dollar. Before starting a new climb, the price tested the $90 range.

On the Crude oil 4-hours chart, a move above the $95 and $98 resistance levels was seen. Price even broke through the $100 barrier area, but it continued to trade below the 100 and 200 simple moving averages on the 4-hour chart in red (green, 4-hours).

Additionally, there is resistance close to the level of the Fibonacci retracement that represents the 50% decline from the swing high of $115.21 to the low of $90.74.

On the same chart, a significant negative trend line is also developing, with resistance located close to $103. The pace for a more significant climb toward $105 might be set by a clear move above the trend line resistance. Near $108, there is the next significant barrier, and if this level is broken, the price may rise quickly toward the $110 region.

Early support for the downside is located close to the $98.50 mark. Near $96.50 is the next significant support. The main support is located close to $95, below which a decline to the $92.00 level is possible. If there are any more losses, the $90 area may need to be tested.

Regarding the EUR/USD pair, the price rose over the 1.0200 resistance level, although the bears first materialized close to the 1.0280 region.

Economic Releases to Trade Today

  • ECB Interest Rate Decision is forecasted at 0.25% percent, up from the previous value of 0 percent.
  • US Initial Jobless Claims: 240K expected, up from 244K in the previous report.
Amogo Solomon is a Broker-Dealer/Market Research analyst and writer in ACT Brokers with a background in Computer Science, Data Analytics, and Forex Broker Dealing. He specializes in Forex Dealing, markets Analysis, Currency research, forex fundamental and technical analysis, and Monitoring of Forex trends, Stocks, Equities, Cryptos, and Commodities. He possesses strong technical and analytical skills and is well known for his entertaining and informative analysis of the global economy, fiat currency, commodities, Stocks, Indexes, Futures, and Options markets. He held a Bachelor's degree in Computer Science and Nanodegree in Programming for Data Science Enterprise.