Daily Technical Analysis January 31th 2024

1. EUR/USD Analysis:

 News Summary: 

The eurozone economy is amid a prolonged period of weakness driven by Germany, but its darkest days are over. Data show that after GDP growth fell by 0.1% in the third quarter, the euro zone economy stabilized in the fourth quarter of 2023 and once again narrowly avoided recession. The euro zone's seasonally adjusted GDP in the fourth quarter of last year was unchanged from the third quarter, with a year-on-year increase of 0.1%. According to preliminary estimates, the euro zone economy will grow by 0.5% throughout 2023.  

Trend Analysis: 

We can see EUR/USD rebounded and then fell back, the price was still lower than the 48 hours moving average on H4 chart, but the MACD double line and the energy bar shrank downward near the zero axis. The sell limit could be placed, stop loss is necessary.  

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: 

Oil price is once again pricing in some geopolitical risk premium above $80 as conflict in the Middle East continues. Without a strong reaction from the US, the premium may fade within a week or two. If the situation deteriorates into a confrontation between the United States and Iran and tougher sanctions, oil price is expected to remain between $80 and $100 for some time.  

Trend Analysis: 

We can see crude oil rebounded near 48 hours moving average, the MACD double line and energy bar converged upward near the zero axis. Saudi Aramco announced that it will not increase production capacity, which will be positive for oil prices in the long run. The buy limit can be employed, stop loss is compulsory.   

Today's Key Price Levels: 

Key Support Levels: [75.00] 

Key Resistance Levels: [81.30] 

Pivot Points [77.00]