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Crude Oil Price Faces Uphill Task Near $72

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Aayush Jindal

Key Highlights

  • Crude oil price recovered losses and climbed above $68.
  • A major bearish trend line is forming with resistance near $70.80 on the 4-hour chart.
  • EUR/USD climbed higher above the 1.0820 resistance.
  • The Fed kept interest rates at 5.25%.

Crude Oil Price Technical Analysis

Crude oil price found support near the $66.80 zone against the US Dollar. The price started a fresh increase above the $68.00 resistance zone.

Looking at the 4-hour chart of XTI/USD, the price even cleared the $68.80 resistance but stayed below the 100 simple moving average (red, 4-hour) and the 200 simple moving average (green, 4-hour).

It faced sellers near the 50% Fib retracement level of the recent decline from the $73.26 swing high to the $66.79 low. There is also a major bearish trend line forming with resistance near $70.80 on the same chart.

On the upside, the first major resistance is near the $70.80 level. The next key resistance is near $71.50 and the 100 simple moving average (red, 4-hour), above which the price may perhaps accelerate higher.

On the downside, initial support is near the $68.20 level. The next major support sits near the $67.00 level. Any more losses might call for a test of the $65.00 support zone in the coming days.

Looking at EUR/USD, the pair gained bullish momentum and was able to climb further higher toward the 1.0850 resistance zone.

Economic Releases to Watch Today

  • US Initial Jobless Claims - Forecast 249K, versus 261K previous.
  • US Retail Sales for May 2023 (MoM) – Forecast -0.1%, versus +0.4% previous.
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