Oil/USD is experiencing strong selling pressure during today’s trading session, as the price continues to move in a bearish trend below the pivot point at 62.00, increasing the chances of further downside movement.
According to the main scenario, if the price continues to decline and remains below 62.00, it is expected to target the 61.00 level as the first support, followed by 60.50 if bearish momentum strengthens.
In the alternative scenario, if the price rebounds upward and breaks above the 62.00 level, a corrective move toward 63.00 and then 63.50 could take place.
It is worth noting that holding above the 62.00 level may support temporary upward movement toward 63.00; however, the overall trend remains bearish unless a clear breakout above resistance levels occurs.
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