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Dow Jones Hits 40,000 Milestone as Oil Prices Surge Towards $78.90 and EUR/USD Drops to 1.0850

By Research Team Friday, May 17, 2024
EUR/USD

    • 11.30amD1
    • High1.0895
    • Low1.0895
    • Close1.0863

EUR/USD is trading at 1.0860, 0.15% down since previous day close. The U.S. dollar is on track for a hefty weekly fall on renewed dovish hopes for the Federal Reserve, but this selling “looks exaggerated”, according to HSBC. EUR/USD continues to lose ground, trading around 1.0860 during the Asian hours on Friday. From a technical perspective on a daily chart analysis indicates a sideways trend for the pair as it continues to lie within the symmetrical triangle. On  Thursday this pair faced selling pressure from resistance level of 1.0895 after it spent more than a week in bullish zone so it  may try to retrace to next support zone of 1.0811.

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Daily Outlook

EUR/USD

Intra Day
Near Day

Technical Levels

R3 1.094
R2 1.0936
R1 1.0895
Turnaround 1.0854
S1 1.0852
S2 1.0811
S3 1.08
By Research Team Friday, May 17, 2024
GER30

    • 11.35amD1
    • High18928
    • Low18694
    • Close18704

GER30 is trading at 18,650, 0.19% down since previous day close. The DAX declined by 0.69% on Thursday (May 16). Partially reversing a 0.82% gain from Wednesday (May 15), the DAX ended the session at 18,704. On Thursday, ECB commentary garnered investor attention. Amidst rising bets on a June ECB rate cut, uncertainty about post-June policy goals lingered. ECB member Martins Kazaks fueled the uncertainty by tempering investor expectations of multiple 2024 ECB rate cuts. Kazaks reportedly warned the ECB is in no hurry to cut interest rates. On daily chart DAX30 closed in red after a week of positive rally. Can look for short term position here.

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Daily Outlook

GER30

Intra Day
Near Day

Technical Levels

R3 19400
R2 19200
R1 18920
Turnaround 18950
S1 18660
S2 18470
S3 18300
By Research Team Friday, May 17, 2024
WTI

    • 11.40amD1
    • High79.76
    • Low78.21
    • Close79.35

WTI is trading at 79.43, 0.69% up since previous day close. Western Texas Intermediate, the US crude oil benchmark, is trading around $79.43 on Thursday. The black gold edges higher amid the recent drop in US crude inventories and the possible interest rate cuts by the Federal Reserve. On Other side China manufacturing sector gained and is back on track which caused the demand of crude oil to increase, that lead to rise in crude oil price. On daily chart WTI can trade in green in coming days.

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Daily Outlook

WTI

Intra Day
Near Day

Technical Levels

R3 81.83
R2 80.74
R1 79.62
Turnaround 79
S1 78.07
S2 76.68
S3 76
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