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Market Volatility Ahead: EUR/USD Stable, Oil Falls 1% on Inflation Concerns, Nasdaq Slips as Nvidia Results Awaited

By Research Team Wednesday, May 22, 2024
EUR/USD

    • 11.30amD1
    • High1.0874
    • Low1.0842
    • Close1.0853

EUR/USD is trading at 1.0852, 0.03 down since previous day close. EUR/USD remains stable ahead of the release of the Minutes from the FOMC meeting The pair hovers around 1.0850 during the Asian trading session. The Federal Reserve (Fed) maintains a cautious stance regarding inflation and the possibility of rate cuts in 2024. Federal Reserve Bank of Boston President Susan Collins, speaking at the event “Central Banking in the Post-Pandemic Financial System” on Wednesday, emphasized that progress toward interest rate adjustment will take longer and stressed the importance of patience as the right policy for the Fed.

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Daily Outlook

EUR/USD

Intra Day
Near Day

Technical Levels

R3 1.0952
R2 1.0898
R1 1.0876
Turnaround 1.086
S1 1.0852
S2 1.0825
S3 1.0817
By Research Team Wednesday, May 22, 2024
US100

    • 11.35amD1
    • High18736
    • Low18606
    • Close18726

US100 is trading at 18,700.34% up since previous day close. US100 – U.S. stocks finished higher Tuesday, with the Nasdaq Composite notching all-time closing highs, as investors digested a slew of quarterly results from big retailers and looked ahead to earnings from Nvidia Corp. on Wednesday afternoon. The Nasdaq Composite rose 37.75 points, or 0.2%, to finish at 16,832.62. The tech-heavy index scored its 10th all-time high this year. Nvidia Corp. is set to take centre stage on Wednesday as the giant chip maker at the heart of the artificial-intelligence craze will report quarterly results after the closing bell.

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Daily Outlook

US100

Intra Day
Near Day

Technical Levels

R3 19000
R2 18876
R1 18747
Turnaround 18650
S1 18590
S2 18466
S3 18200
By Research Team Wednesday, May 22, 2024
WTI

    • 11.40amD1
    • High79.69
    • Low78.04
    • Close78.608

WTI is trading at 77.84, 1.23% down since previous day close. WTI – Crude oil prices extended decline on Tuesday with the global benchmark Brent oil falling over a percent. The fall in crude oil prices comes despite the ongoing geopolitical tensions and ahead of the meeting of the Organization of the Petroleum Exporting Countries and its affiliates, together known as OPEC+ on supply. On daily chart, WTI touched week’s high and then faces rejection from there and creating sell side opportunity for investors.

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Daily Outlook

WTI

Intra Day
Near Day

Technical Levels

R3 80.46
R2 79.69
R1 78.71
Turnaround 78
S1 77.84
S2 76.94
S3 76
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