21 May, 2024
5 minutes
Daily Technical Analysis May 21th 2024
1. EUR/USD Analysis:
News Summary:
Capital Economics pointed out in a report that there is no doubt that the European Central Bank is willing to start cutting interest rates before the Fed. While the Fed is likely to keep interest rates on hold for some time, other central banks such as Switzerland and Sweden have already cut rates as price inflation in their respective countries has fallen to manageable levels. The ECB appears set to follow suit, pointing to recent comments from euro zone policymakers to this effect.
Trend Analysis:
We can see EUR/USD fell again and was close to the 48 hours moving average. In addition, the MACD double line and energy column expanded downward. The sell limit could be placed, stop loss is necessary.
Today's Key Price Levels:
Key Support Levels: [1.0750]
Key Resistance Levels: [1.0930]
Pivot Points [1.0880]
2. Crude Oil Analysis:
News Summary:
Oil markets are showing signs of weakness despite a recent rise in geopolitical tensions ahead of the OPEC+ meeting. Futures are trading in a tight range, with implied volatility near its lowest levels since 2019. Previously, crude oil prices had risen by about 9% this year due to OPEC+ production cuts, but crude oil has fallen since mid-April. Investors are looking forward to the OPEC+ meeting in early June.
Trend Analysis:
We can see crude oil fluctuated and pulled back and moved near the 48 hours moving average. Moreover, the MACD double line and energy bar formed a dead cross above the zero axis and expanded downward. The sell limit could be used, stop loss is mandatory.
Today's Key Price Levels:
Key Support Levels: [77.60]
Key Resistance Levels: [81.76]
Pivot Points [80.20]