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EUR/USD Drift, Silver Price Decline, and US Stock Futures Await Fed Cues

By Research Team Wednesday, Mar 20, 2024
EUR/USD

    • 12:55D1
    • High1.08713
    • Low1.08642
    • Close1.08647

EUR/USD is trading at 1.08681, 0.04% up since previous day close. EUR/USD is moving away from a two-week low set on Tuesday, but caution is advised for bullish trades ahead of the Fed decision. A sustained break below the 1.0835 confluence could lead to deeper losses. Spot prices lack follow-through buying, and traders are hesitant to place aggressive bets. The Federal Reserve’s projection for rate cuts in 2024 could influence the US Dollar price dynamics. As seen in the chart, the pair has a breakout at support level, hence downside momentum is expected.

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Daily Outlook

EUR/USD

Intra Day
Near Day

Technical Levels

R3 1.0888
R2 1.0880
R1 1.0873
Turnaround 1.0869
S1 1.0867
S2 1.0863
S3 1.0860
By Research Team Wednesday, Mar 20, 2024
US100

    • 1:15PMD1
    • High18278
    • Low18233.77
    • Close18243.7

US100 is trading at 18274.7, 0.02% up since previous day close. Nasdaq experienced little movement in evening deals following a positive session on Wall Street. NVIDIA’s AI chip pricing and shipment details drove gains, but the Fed’s hawkish outlook on interest rates and hotter-than-expected inflation readings weighed on sentiment. The Fed’s statement on monetary policy and post-meeting press conference will be closely watched for interest rate cuts. As seen in the chart, the index has hovering around resistance and if breakout happen, then more upside is expected.

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Daily Outlook

US100

Intra Day
Near Day

Technical Levels

R3 18283
R2 18275
R1 18263
Turnaround 18251
S1 18243
S2 18230
S3 18224
By Research Team Wednesday, Mar 20, 2024
SILVER

    • 1:35PMD1
    • High24.92
    • Low24.87
    • Close24.90

SILVER is trading at 24.86, 0.22% down since previous day close. Silver (XAG/USD) is under selling pressure and retreating from the YTD peak, with dip-buying prospects near mid-$24.00s. Technically, the breakout through the 200-day Simple Moving (SMA) and strength beyond the barrier support bullish traders. Resistance breakpoints protect the downside, while momentum back above the $25.00 psychological mark could face resistance. As seen in the chart, SILVER is hovering around resistance, downside moment is expected if a reversal is happened.

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Daily Outlook

SILVER

Intra Day
Near Day

Technical Levels

R3 25
R2 24.97
R1 24.93
Turnaround 24.90
S1 24.88
S2 24.85
S3 24.80
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