Daily Technical Analysis

Introduction: 

Welcome to our daily technical analysis of the financial markets, focusing today on EUR/USD and Crude Oil. Let's dissect the latest news, market trends, and crucial price levels to watch out for.  

1. EUR/USD Analysis:  

News Summary: 

Eurozone inflation should fall sharply in October, it has been attributed to lower energy prices. Inflation data for October would be released next week and expected to rise 3.2% year-on-year, below the 4.3% in September and August, reaching the lowest level in more than two years. The reduced energy price should push inflation indicator lower, while low food price and core inflation will also contribute.  

Trend Analysis: 

Data showed that business activity in the Eurozone unexpectedly took a turn for the worse this month. we can see the EUR/USD continued to fall on H4 chart. The euro zone economy has entered recession to some extent, so current economic situation has heightened expectations that the European Central Bank may have reached a peak interest rate, and the euro will continue to decline. The sell limit can be set at reasonable level, stop loss is necessary.   

Today's Key Price Levels: 

Key Support Levels: [1.0470] 

Key Resistance Levels: [1.0640] 

Pivot Points [1.0580]

2. Crude Oil Analysis:  

News Summary: 

Crude oil is facing triple obstacle, political risks are easing modestly, physical indicators are softening, and US dollar is appreciating. The recent bullish movement has been largely driven by retail investors buying, who tend to do short term and event driven trade. The absence of any direct supply disruptions in the Middle East, which is the source of about a third of the world's crude oil, has eroded much of the crude price premium created by the risk of war.  

Trend Analysis: 

We can see crude oil has formed double bottom after falling on H4 chart. Oil price was supported by market fundamentals as political risks intensified, reflecting concerns that the conflict in the Middle East could disrupt oil supplies. Additionally, global demand continues to grow while OPEC+ oil exporters have been limiting supply. The buy limit is acceptable tactic, stop loss is mandatory.    

Today's Key Price Levels: 

Key Support Levels: [82.00] 

Key Resistance Levels: [90.40] 

Pivot Points [87.20]