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Crude Oil Price Surges, Next Hurdle At $80

Aayush Jindal

Aayush Jindal

Key Highlights

  • Crude oil price started a fresh increase from the $72.00 support zone.
  • It broke a couple of bearish trend lines near $76.00 and $77.00 on the 4-hours chart of XTI/USD.
  • EUR/USD is still struggling near the 1.1380 resistance zone.
  • The US ISM Services Index could decline from 69.1 to 66.9 in Dec 2021.

 

Crude Oil Price Technical Analysis

This week, crude oil price started a major increase from the $68.00 zone against the US Dollar. It broke many hurdles near $70.00 and $72.00 to move into a positive zone.

Looking at the 4-hours chart of XTI/USD, the price gained pace above the $74.00 level, the 100 simple moving average (4-hours, red) and the 200 simple moving average (4-hours, green).

There was also a break above a couple of bearish trend lines near $76.00 and $77.00. The price is now showing positive signs above the $76.50 level. It even spiked above the $78.00 level. If the bulls remain in action, there are chances of a move towards the $80.00 level.

The next major resistance is near the $82.00 level. An immediate support on the downside is near the $76.50 level. The first major support is near $75.50. Any more losses could open the doors for a move towards the $73.20 support.

Looking at EUR/USD, the pair is still struggling to gain momentum for a clear move above the 1.1380 and 1.1400 levels.

Economic Releases to Watch Today

  • German Consumer Price Index for Dec 2021 (YoY) (Prelim) – Forecast +5.1%, versus +5.2% previous.
  • German Consumer Price Index for Dec 2021 (MoM) (Prelim) – Forecast +0.4%, versus -0.2% previous.
  • US Initial Jobless Claims - Forecast 197K, versus 198K previous.
  • US ISM Services Index for Feb 2021 – Forecast 66.9, versus 69.1 previous.