Crude oil price failed to continue higher above the $74.00 zone against the US Dollar. The price started a downside correction below $73.00 and $72.50.
The price even tested $71.70 before the bulls appeared. It started a fresh increase above the $72.50 resistance level. However, the price is struggling to stay above the $73.00 zone and the 50 hourly simple moving average.
There is also a key connecting bearish trend line forming with resistance near $73.20 on the hourly chart. A break above the trend line resistance could send the price towards the $74.00 zone.
On the downside, an initial support is near $72.80 on FXOpen. The first major support is near the $72.60 level, below which there is a risk of more losses. In this case, the price could even test $71.50 in the near term.
