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Growing Middle East Tension Inches Up Oil Prices & Mixed Momentum in Global Equities

By Research Team Tuesday, Apr 13, 2021
EUR/USD

    • 12.08pm ISTD1
    • High1.19157
    • Low1.1883
    • Close1.18879

EUR/USD is trading at 1.18974, 0.17% up since Monday. The EURO surges higher on Tuesday against the mixed USD on account of worsening Covid-19 situation across the globe. Last week, the FOMC Minutes stated a continuation in providing necessary aid to economy & not to hike the rates until 2022 which weakened the USD & strengthened the EURO. The Euro-zone Retail Sales grew by 3.0% from -5.2% in the previous month which further pushed up the EUR/USD. The Fed Powell’s speech remains in focus for the week. As seen in the chart, the pair is floating near upper trend-line of channel pattern & hence, a breakout or breakdown can be seen on either side on short term basis.

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Daily Outlook

EUR/USD

Intra Day
Near Day

Technical Levels

R3 1.19966
R2 1.19487
R1 1.19304
Turnaround 1.19008
S1 1.18825
S2 1.18529
S3 1.18050
By Research Team Tuesday, Apr 13, 2021
WTI OIL

    • 12.42pm ISTD1
    • High60.1
    • Low59.63
    • Close60.06

WTI Oil is trading at $60.02, 0.28% up since Monday. The Oil prices inches up on Tuesday amid growing tension in Middle East regions after the Yemen-based Houthi movement said it fired missiles on Saudi oil sites; which may disrupt the Oil supplies & exports from the top producer of Oil. Earlier, the prices slipped due to rising Covid-19 cases which may limit the consumption demand of energy products. Last week, the Saudi Arabia agreed to continue curbing the Oil output levels in order to stabilize the situation which slightly dragged up the prices. The result of API report will remain in focus for the day. As seen in the chart, the Oil seems to be sustaining the Fibo level 50.0 & hence, slight buying may be noticed for the day.

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Daily Outlook

WTI OIL

Intra Day
Near Day

Technical Levels

R3 63.79000
R2 61.74000
R1 60.68000
Turnaround 59.69000
S1 58.63000
S2 57.64000
S3 55.59000
By Research Team Tuesday, Apr 13, 2021
UK100

    • 12.25pm ISTD1
    • High6857
    • Low6830
    • Close6840

UK100 traded at 6835, 0.33% down since previous day close. The mixed global sentiments towards rising Covid-19 situation & lockdown phase in major economies create slight selling pressure on equities. However, the lesser chances of raising U.S interest rate in near term & growing optimism over clearance U.S Biden’s new fiscal stimulus may turn positive factors for indices on long run. In U.K, the GDP rate grew by just 0.4% lower than expectation 0.5% whereas the Industrial & Manufacturing Production figures showed better results. Upcoming data release of U.S CPI & Retail Sales may remain vital. As seen in the chart, although the UK100 slid down till MA (10); yet it is trading in a bullish channel pattern & hence, buying on dips may be suggested.

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Daily Outlook

UK100

Intra Day
Near Day

Technical Levels

R3 6993.00000
R2 6920.00000
R1 6885.00000
Turnaround 6847.00000
S1 6812.00000
S2 6774.00000
S3 6701.00000
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