After the spike following the first Israel attack against Iran, the market got stuck in a range as traders focused on the eventual de-escalation as it happened many times in the past. We indeed had signs of that happening with the latest news saying that Trump would make a decision whether to attack Iran within two weeks (which looks too long if you are actually serious about attacking).
On the daily chart, we can see that the price couldn't break above the major trendline and consolidated just above the key 72.00 zone. We will likely continue to range here until we get stronger signals of a de-escalation or an increase in hostilities with a direct US involvement or the closure of the Strait of Hormuz.
On the 1 hour chart, we can see more clearly the recent rangebound price action with the buyers stepping in around the 72.00 zone to keep targeting new highs. The sellers will need the price to break below this zone to pile in for a deeper pullback into the 65.00 level next.
This article was written by Giuseppe Dellamotta at www.forexlive.com. Read More Details
Finally We wish PressBee provided you with enough information of ( Crude oil continues to range as de-escalation remains the base case )
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