Oil against the US Dollar (Oil/USD) is experiencing selling pressure during today’s trading session, moving in a bearish direction near the key pivot level at 63.00.
If the downward momentum continues and the price breaks below this level, it is expected to move toward 61.50 as the first downside target, followed by 61.00 as the next support level.
However, if the trend reverses and the price stabilizes above 63.00, oil may witness a corrective rebound toward 63.50 as an initial target, followed by 64.00.
Overall, the bearish scenario remains the most likely as long as the price fails to hold firmly above the 63.00 level, with selling pressure dominating intraday movements.
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