16 Oct, 2024
5 minutes
Daily Technical Analysis：EUR/USD、Crude Oil
Welcome to our daily technical analysis of the financial markets, focusing today on EUR/USD and Crude Oil. Let's dissect the latest news, market trends, and crucial price levels to watch out for.
1. EUR/USD Analysis:
News Summary:
The European Central Bank will cut interest rates for the third time this year at a meeting on Thursday as policymakers say inflation risks are easing faster than expected. The euro zone's overall inflation rate fell to 1.8% in September, already below the central bank's 2% target. Core inflation fell to 2.7%, the lowest level in two and a half years. The figures continue to fall overall after the ECB cut interest rates by 25 basis points in June and another 25 basis points in September.
Trend Analysis:
We can see EUR/USD H4 level fluctuates at a low level and runs below the 48 hours moving average. In addition, the MACD double line and the energy column shrinks below the zero axis. The sell limit could be placed, stop loss is necessary.
Today's Key Price Levels:
Key Support Levels: [1.0820]
Key Resistance Levels: [1.0970]
Pivot Points [1.0930]
2. Crude Oil Analysis:
News Summary:
On Tuesday, the international crude oil market showed a significant downward trend. The decline was mainly due to the gradual easing of market concerns about the risk of Iran's oil supply interruption, coupled with expectations of slowing future demand, which suppressed the rebound in oil prices. The recent fluctuations in oil prices are mainly affected by the situation in the Middle East and global demand expectations. Previously, the escalation of the conflict between Israel and Iran triggered market concerns about Iranian oil supply disruptions, pushing oil prices to rise continuously.
Trend Analysis:
We can see crude oil rebounded slightly, but still ran below the 48 hours moving average on H4 chart. On the other hand, the MACD double line and energy bar converges below the zero axis. The sell limit could be employed, stop loss is mandatory.
Today's Key Price Levels:
Key Support Levels: [68.00]
Key Resistance Levels: [74.00]
Pivot Points [72.00]