Daily Technical Analysis: Oil Prices Retreat after Rising More Than 11% Last Week

Oil has shown a strong bullish trend since the beginning of June. The 4H chart shows a short-term pullback currently in progress following last week’s gains.

MACD is still above zero, but starting to slow, indicating momentum is cooling off.

Price is finding support at the dynamic support levels of moving averages MA(5), MA(10), and MA(30). However, overbought conditions could cause more consolidation or a pullback.

The overview for West Texas Intermediate is still bullish, possibly targeting $75.00 psychological level.

West Texas Intermediate (USOUSD) 4H Chart

Resistance	$73.37	$74.62	$75.00
Support	$70.10	$69.30	$68.48

EURUSD shows a strong upward trend with higher highs and higher lows on the 4H chart, indicating short term uptrend. Price remains above the 30-period moving average, which is sloping upward, indicating buyers are still in control.

The trend remains bullish. If price holds above 1.1500 area, it’s likely continuation to the upside.

A break below the 1.1470 zone might shift bias to short-term correction. But as long as the pair remains above the 30-period moving average, the mid-term uptrend remains intact.

EURUSD 4H Chart

Resistance	1.1569	1.1614	1.1631
Support	1.1523	1.1489	1.1461

USDCAD is showing a sharp downtrend on the 4H chart as the pair fell to its lowest level since October 2024.

The Moving Averages (MA 5,10,30) are in bearish alignment, indicating the downtrend is still healthy.

MACD is below the zero line, indicating downward momentum, though it’s showing signs of potential consolidation.

Selling pressure remains strong unless we see a break above the shorter-term moving averages. Watch for a possible bounce or continuation to the downside if this support is broken.

USDCAD 4H Chart

Resistance	1.3607	1.3632	1.3650
Support	1.3566	1.3535	1.3475