02 Jul, 2024
5 minutes
Daily Technical Analysis Jul 2nd 2024
1. EUR/USD Analysis:
News Summary:
The ECB's Governing Council said it would need to be fully convinced that inflation will return to its 2% target before it will support more than two interest rate cuts this year. As long as inflation is hovering around 2.5%, the first two rate cuts will be relatively easy because it will still have restrictive measures. If it's still hovering around 2.5% and considering other rate cuts, it will become more difficult at some point. So there really needs to be strong signs that inflation is being driven down to below 2.5% to 2%.
Trend Analysis:
We can see EUR/USD fell back and moved above the 48 hours moving average on H4 chart. In addition, the MACD double line and energy column converged above the zero axis. The buy limit could be used, stop loss is mandatory.
Today's Key Price Levels:
Key Support Levels: [1.0800]
Key Resistance Levels: [1.0660]
Pivot Points [1.0700]
2. Crude Oil Analysis:
News Summary:
Oil prices climbed on Monday, driven by a peak in summer fuel consumption and forecasts of supply shortages as OPEC+ extends its production-cut deal. However, gains were restrained by global economic challenges and rising output from non-OPEC+ countries. OPEC+ has extended its oil production cuts until 2025. The extension is expected to create supply shortages in the third quarter as summer demand for transportation and air conditioning fuels depletes inventories.
Trend Analysis:
We can see crude oil has risen again and is far away from the 48 hours moving average. On the other hand, the MACD double line and histogram bar continue to expand near the zero axis. The sell limit could be placed, stop loss is necessary.
Today's Key Price Levels:
Key Support Levels: [81.80]
Key Resistance Levels: [86.00]
Pivot Points [84.70]