19 Mar, 2024
5 minutes
Daily Technical Analysis March 19th 2024
1. EUR/USD Analysis:
News Summary:
Price rises in the euro area should continue to slow in the coming months, despite rising over the Easter holidays, allowing the European Central Bank to start cutting interest rates in June. The European Union released data on Monday that the annual CPI rate fell to 2.6% in February from 2.8% in January, and core CPI also declined. Service industry inflation in March, including hotels and other industries, may rise due to the early arrival of Easter, but then fall back.
Trend Analysis:
We can see the momentum of EUR/USD has weakened, and it is still running below the 48 hours moving average on H4 chart. The MACD double line and energy column are shrinking near the zero axis. The sell limit could be employed, stop loss is mandatory.
Today's Key Price Levels:
Key Support Levels: [1.0800]
Key Resistance Levels: [1.0972]
Pivot Points [1.0930]
2. Crude Oil Analysis:
News Summary:
In the context of the spread of the Red Sea shipping crisis, the International Energy Agency's upward revision of oil demand in 2024 has attracted market attention. The oil market saw minor fluctuations last week, with crude prices falling slightly but maintaining their recent upward trend. Investors have varying outlooks on the future, with one side believing that tight supply could drive up prices and the other concerned about the impact of the Federal Reserve's monetary policy on demand.
Trend Analysis:
We can see the crude oil continues to fluctuate upward, it runs above the 48 hours moving average on H4 chart, but the MACD double line and the energy column form a top divergence and shrinkage above the zero axis. The sell limit could be used, stop loss is necessary.
Today's Key Price Levels:
Key Support Levels: [79.00]
Key Resistance Levels: [84.50]
Pivot Points [83.30]