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WTI Surges Past $81/Barrel, Fed Meeting and Nvidia Conference Awaited, EUR/USD Vulnerable to Fed's Rate Stance

By Research Team Monday, Mar 18, 2024
EUR/USD

    • 12:20D1
    • High1.08997
    • Low1.08797
    • Close1.08534

EUR/USD is trading at 1.08882, 0.01% down since previous day close. EUR/USD is trading in negative territory for the second consecutive day near 1.0875, with the pair resuming a bearish outlook below the key EMA and RSI momentum indicator. The initial support level is at 1.0840, with the first upside barrier emerging at 1.0882. The firmer US Dollar following February PPI data and Initial Jobless Claims has triggered selling pressure on the major pair. The first upside barrier is at the 100-period EMA at 1.0882, with a break above this level potentially leading to a rally to 1.1000.

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Daily Outlook

EUR/USD

Intra Day
Near Day

Technical Levels

R3 1.0884
R2 1.0881
R1 1.0879
Turnaround 1.0876
S1 1.0874
S2 1.0870
S3 1.0868
By Research Team Monday, Mar 18, 2024
US100

    • 1:00PMD1
    • High18195.07
    • Low18063.42
    • Close18176.76

US100 is trading at 18157.15, 0.31% down since previous day close. Stock index futures in the US were cautious ahead of a Federal Reserve meeting, with Nasdaq 100 Futures rising 0.1%. The Fed’s two-day meeting is expected to keep interest rates steady, but any signals on its plans for cutting rates will be closely watched. The Nasdaq slid 0.7% on heavy profit-taking in technology stocks, while the S&P 500 and Dow Jones Industrial Average logged minimal weekly losses. As seen in the chart, The index has a reversal from support and could go bullish for day.

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Daily Outlook

US100

Intra Day
Near Day

Technical Levels

R3 18300
R2 18260
R1 18230
Turnaround 18218.17
S1 18204
S2 18180
S3 18150
By Research Team Monday, Mar 18, 2024
WTI

    • 2:45D1
    • High81.56
    • Low80.53
    • Close81.42

WTI is trading at 81.47, 1.07% down since previous day close. WTI Crude Oil prices reached a new YTD peak on Monday, driven by concerns about tightening global supply. The commodity’s upward trajectory is supported by disruptions caused by Houthi attacks, Ukraine drone strikes, and Israeli Prime Minister Netanyahu’s push into Gaza. However, concerns about Fed interest rates may limit further appreciating moves. As seen in the chart, WTI has a breakout from resistance, upward moment is expected.

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Daily Outlook

WTI

Intra Day
Near Day

Technical Levels

R3 81.71
R2 81.55
R1 81.41
Turnaround 81.23
S1 81.05
S2 80.50
S3 80.75
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