Key Highlights
- Crude oil prices extended losses below the $76.80 support.
- There was a break below a key expanding triangle with support at $76.20 on the 4-hour chart.
- GBP/USD gained pace for a move above the 1.2750 resistance.
- EUR/USD shows positive signs for a move toward the 1.0950 resistance.
Crude Oil Price Technical Analysis
In the past few days, Crude oil prices saw a major decline below the $78.00 zone. The price dipped below the $76.80 and $76.20 support levels.
Looking at the 4-hour chart of XTI/USD, the price even settled below the 200 simple moving average (green, 4-hour) and the 100 simple moving average (red, 4-hour). Finally, the price dipped below the $75.00 level.
A low was formed at $74.20 and the price is now attempting a recovery wave. On the upside, the price is facing hurdles near the $75.80 level.
The next major resistance is near the $76.50 zone, above which the price may perhaps accelerate higher. In the stated case, it could even visit the $78.00 resistance.
If not, the price might dip further and test the $73.50 support. The first major support on the downside is near the $72.40 level. The next major support is at $71.50 or, below which the price might test $70.40. Any more losses might send oil prices toward $70.00.
Looking at EUR/USD, the pair remained supported and it seems like the bulls are aiming for a move toward the 1.0950 resistance.
Economic Releases to Watch Today
- US Factory Orders for April 2024 (MoM) – Forecast +0.6%, versus +1.6% previous.
