Two trades to watch EURUSD WTI oil
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Oil struggling to hold $60.00
WTI bulls pause for breath at 13 month high
Weakness in the anti-risk US Dollar in addition to the upbeat outlook for the global economic recovery amid the covid vaccine rollout offers support to oil prices.
Extreme cold conditions in Texas has raised near term supply concerns as power cuts put millions in the dark.
Tensions rise in the Middle East amid an attack of a US base in Northern Iraq.
WTI crude oil technical analysis
WTI eases from yearly high to 60.00
WTI trades above its ascending trend line dating back to early November. It trades above its ascending 20& 50 sma on the daily chart. Indicating an established bullish trend.
According to the RSI the price has entered overbought territory so some consolidation or even a slight pullback in the price could be on the cards potentially back towards the trend line support of $55 whilst still maintaining the bullish bias.
On the upside immediate resistance sits at 60.80 the yearly high. A break above this level opens the door to the September 2019 high high of 63.15 ahead of the 200 high 65.62.
On the flip side, a break below the January 2020 high of 59.30 could see sellers test 55.00 the ascending trend line and 20 sma. A break lower here could see horizontal resistance turned support at 53.90 come into play.
The complete guide to trading oil markets.
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