Key Highlights
- Crude oil prices started a fresh increase from the $80.20 support.
- A major bearish trend line is forming with resistance at $82.95 on the 4-hour chart.
- Bitcoin is consolidating gains above the $63,500 pivot zone.
- EUR/USD extended its increase above the 1.0910 resistance.
Crude Oil Price Technical Analysis
After a downside correction, Crude oil prices found support above $80.00. The price formed a base near $80.20 and started a fresh increase.
Looking at the 4-hour chart of XTI/USD, the price climbed above the $81.20 resistance and settled above the 200 simple moving average (green, 4-hour). There was a move above the 50% Fib retracement level of the downward move from the $83.80 swing high to the $80.21 low.
The price tested the 100 simple moving average (red, 4-hour) and the 61.8% Fib retracement level of the downward move from the $83.80 swing high to the $80.21 low.
On the upside, the price is facing hurdles near the $82.50 level. There is also a major bearish trend line forming with resistance at $82.95 on the same chart.
The next major resistance is near the $83.20 zone, above which the price may perhaps accelerate higher. In the stated case, it could even visit the $84.65 resistance.
If not, the price might start another decline. The first major support on the downside is near the $81.20 level. The next major support is $80.20. Any more losses might send oil prices toward $78.80 in the coming sessions.
Looking at EUR/USD, the bulls remained in action, and they were able to push the pair above the 1.0910 resistance zone.
Economic Releases to Watch Today
- ECB Interest Rate Decision – Forecast 3.75%, versus 3.75% previous.
- US Initial Jobless Claims – Forecast 230K, versus 222K previous.
