US oil chart on Trading View used for analysis
- US oil is trading in an extremely narrow range, capped below $65 per barrel mark.
- Rising US crude supplies combined with global growth concerns continue to undermine the sentiment.
- Markets remain wary about the global economic slowdown fears amid ongoing US-China trade war and the European political woes.
- Further, the US EIA data showed that the US crude oil inventories climbed for a sixth straight week.
- The pair is extending break below 200-DMA and now targets next major support at 38.2% Fib at 64.94.
- Technical studies support weakness, momentum studies are bearish. Break below 38.2% Fib to extend weakness.
Support levels - 63.59 (38.2% Fib), 61.84 (Apr 6 low)
Resistance levels - 66.07 (5-DMA), 67.49 (200-DMA)
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
