FxWirePro: US oil bounces of 55-EMA with 'Hammer' formation, stay long on close above 110-EMA

U.S. oil chart - Trading View 

• U.S. oil is extending sideways grind along 110-EMA.
   
• The pair trades in an extremely narrow range with session highs at 56.77 and lows at 55.91.
   
• Price action has bounced off 55-EMA with a 'hammer' formation. We see weakness only below 55-EMA.
   
• Technical indicators do not show a clear firectional bias. Decisive break above 110-EMA could see further gains.
   
• Next major resistance above 110-EMA lies at 50% Fib at 59.60. Break below 55-EMA can see dip till daily clous.

Support levels - 55.53 (38.2% Fib), 54.77 (55-EMA), 51.22 (Feb 11 low) 

Resistance levels - 57.85 (Mar 1 high), 59.61 (50% Fib), 62.01 (200-DMA)

Recommendation: Good to go long on decisive close above 110-EMA, target 57.80/ 59.60

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.