Daily Technical Analysis February 21th 2024

1. EUR/USD Analysis: 

News Summary: 

Strong inflation in the euro zone services sector will continue to pose a risk to expectations of price cooling, although it should not delay interest rate cuts. Services are the stickiest component of inflation as labour-intensive production hinders the transmission of lower wage growth. Other measures of price pressure will spill over into services, with cooling oil prices helping the transport sector, lower food inflation easing restaurant prices and disruptions to Red Sea trade having a limited impact.  

Trend Analysis: 

We can see EURUSD continues to fluctuate at a high level and runs above the 48 hours moving average, while the MACD double line and the energy column converge downward near the zero axis. The sell limit could be placed, stop loss is compulsory.   

Today's Key Price Levels: 

Key Support Levels: [1.0700] 

Key Resistance Levels: [1.0900] 

Pivot Points [1.0870] 

2. Crude Oil Analysis:  

News Summary: 

The International Energy Agency (IEA) revealed that global observed oil inventories plunged by about 60 million barrels in January, with onshore inventories falling to their lowest levels since 2016. Whether the market will continue to tighten will largely depend on whether OPEC+ can maintain discipline and gradually ease production cuts. Oil fundamentals are currently better than oil prices indicate.  

Trend Analysis: 

We can see crude oil fluctuated downwards and ran below the 48 hours moving average on H4 chart. In addition, the MACD double line and energy column spread downward near the zero axis. Whether the crude oil market will continue to tighten will largely depend on whether OPEC+ can maintain discipline and gradually ease production cuts. The sell limit could be used, stop loss is necessary.   

Today's Key Price Levels: 

Key Support Levels: [75.00] 

Key Resistance Levels: [80.00] 

Pivot Points [78.70]