In the bigger picture, the conflict can go on without much impact on markets as long as oil supply is not impaired. Nonetheless, more de-escalation should see prices ease further, perhaps erasing completely last week's rally.
On the 1 hour chart, we can see that the price broke below the key 72.00 zone and consolidated just beneath it. This is where the sellers will likely step in with a defined risk above the 72.00 zone to target a correction back into the 65.00 handle. The buyers, on the other hand, will look for a break higher to increase the bullish bets into new highs
This article was written by Giuseppe Dellamotta at www.forexlive.com. Read More Details
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