FxWirePro: U.S. oil breaks above 200-DMA, hits 21-week high above 62 mark, momentum studies bullish

U.S. oil chart - Trading View 

• U.S. oil hits 21-week highs at 62.17 before paring some gains to hover around 62 mark at 1130 GMT.
   
• Speculations of the US sanctions on Iran are keeping oil markets supported. 
   
• Price has breached the 200-day simple moving average (SMA) for the first time since October 2018.
   
• Oscillators are at highly overbought levels, but we do not see major signs of reversal.
   
• Scope for test of 61.8% Fib at 63.69. Retrace below 200-DMA could see test of 5-DMA at 60.53.

Support levels - 61.50 (200-DMA), 60.52 (5-DMA), 59.61 (50% Fib)

Resistance levels - 62.55 (Upper BB - weekly), 63, 63.69 (61.8% Fib)

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