Daily Technical Analysis April 19th 2024

1. EUR/USD Analysis:
News Summary:
The ECB's Governing Council said that compared with the volatility in commodity markets in recent years, the surge in energy prices poses less danger to European inflation. Risks to consumer prices are becoming more balanced and the euro zone inflation rate is heading towards falling in the direction of 2%. There is less chance of major impact on second round of inflation, but it's certainly something to watch out for.

Trend Analysis:
We can see EUR/USD fell back after rebounding and ran below the 48 hours moving average. On the other hand, the MACD double line and the histogram bar formed dead cross around the zero axis. The sell limit could be arranged, stop loss is mandatory.

Today's Key Price Levels:
Key Support Levels: [1.0550]
Key Resistance Levels: [1.0740]
Pivot Points [1.0670]

2. USD/JPY Analysis:

News Summary:
Bank of Japan board members pointed out that it is crucial for the Bank of Japan to maintain ultra-loose monetary policy and seek a balance between labour supply and demand. Japan has achieved a wage increase that has never been seen in the past through spring wage negotiations. The key is to continue to maintain a moderate balance between labour supply and demand and achieve the 2% price target by continuing to implement loose monetary policy. Japan must achieve positive wage inflation cycle as soon as possible; service prices must continue to rise.

Trend Analysis:
We can see USD/JPY fluctuated downwards and fell around the 48 hours moving average. In addition, the MACD energy column and double line expanded downward near the zero axis. The buy limit could be placed, stop loss is necessary.

Today's Key Price Levels:
Key Support Levels: [153.10]
Key Resistance Levels: [155.30]
Pivot Points [153.80]

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