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.
