21 Jun, 2024
5 minutes
Daily Technical Analysis Jun 21th 2024
1. EUR/USD Analysis:
News Summary:
The euro zone economy still faces challenges, with the European Central Bank warning that member states must immediately start cutting debt in the face of huge long-term fiscal risks posed by aging populations, defence spending and climate change. According to the ECB, the budgetary effort required to address these specific challenges is likely to be equivalent to at least 5% of GDP. Economic policy should seek to gradually reduce high levels of public debt, which will help ensure a favourable environment for the implementation of the euro area's single monetary policy.
Trend Analysis:
We can see EUR/USD rebounded and ran below the 48 hours moving average on H4 chart. In addition, the MACD double line and energy column converged again near the zero axis. The buy limit could be employed, stop loss is necessary.
Today's Key Price Levels:
Key Support Levels: [1.0630]
Key Resistance Levels: [1.0790]
Pivot Points [1.0680]
2. Crude Oil Analysis:
News Summary:
Nearly 71 million Americans will travel for the Independence Day holiday early next month, a record high and giving hope to oil bulls counting on rising demand during the key summer driving season. The American Automobile Association (AAA) said that between June 29 and July 7, approximately 60.6 million Americans are expected to drive 80 kilometers or more, an increase of 4.8% from the same period last year. For crude oil investors, the expected tourism boom will be a reassuring sign.
Trend Analysis:
We can see H4 level of crude oil fluctuated at a high level and ran above the 48 hours moving average. Moreover, the MACD double line and histogram bar once again formed a top divergence. Owing to overbought state, the sell limit could be placed, stop loss is mandatory.
Today's Key Price Levels:
Key Support Levels: [80.60]
Key Resistance Levels: [83.70]
Pivot Points [82.50]