Price of Crude Oil Will Likely Gain Speed Above $103, EUR/USD Constrained.
- 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.
Author: Amogo Solomon
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