09 Feb, 2024
5 minutes
Daily Technical Analysis February 9th 2024
1. EUR/USD Analysis:
News Summary:
The European Central Bank expected monetary easing will boost euro zone economic growth, but it will not take effect until 2025. After the recent sharp fall in inflation in the euro zone, the market view is that there will be a series of interest rate decrease this year. However, the transmission of monetary policy would take time, and the impact of interest rate cut usually peaks after eight quarters.
Trend Analysis:
We can see EUR/USD fluctuated upwards and ran near the 48 hours moving average. The MACD double line and energy bar shrank near the zero axis. As implied volatility remains low in EUR/USD, it means the market is not ready for major changes. Currently, the sell limit could be placed, stop loss is necessary.
Today's Key Price Levels:
Key Support Levels: [1.0660]
Key Resistance Levels: [1.0900]
Pivot Points [1.0820]
2. Crude Oil Analysis:
News Summary:
Fed officials continued to be hawkish, with most seen as prepared to cut interest rate, but took a data-dependent stance. If the economy performs as expected, the Federal Reserve could lower interest rate later this year, potentially providing support for crude oil. A weaker US dollar helped fuel dollar-denominated oil price as expectation for rate cut fell. Trend Analysis: We can see crude oil is rising above the 48 hours moving average, the MACD double line and histogram bar continues to expand upward. In short term, the buy limit could be used, stop loss is compulsory.
Today's Key Price Levels:
Key Support Levels: [74.00]
Key Resistance Levels: [79.00]
Pivot Points [75.00]