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03 Dec, 2024
5 minutes

Daily Technical Analysis:EUR/USD、Crude Oil

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:
Capital Economics said unemployment in the euro zone should rise in the coming months as economic growth stalls. Data released on Monday showed the unemployment rate remained at a record low in October. But business surveys show companies began laying off workers in November due to weak economic growth and concerns about a trade war with the United States. As a result, it is expected that unemployment in the euro area may start to rise next year, supporting the case for easing monetary policy.

Trend Analysis:
We can see EUR/USD H4 level fluctuated downwards and ran below the 48 hours moving average. In addition, the MACD double line and energy bar expand near the zero axis. The sell limit could be placed, stop loss is necessary.

Today's Key Price Levels:
Key Support Levels: [1.0400]
Key Resistance Levels: [1.0570]
Pivot Points [1.0530]


2. Crude Oil Analysis:

News Summary:
Investors are focused on Thursday's OPEC+ output policy meeting. ING expects that the OPEC+ meeting will discuss production policy in 2025, which will have an important impact on the future direction of oil prices. A report said that a handful of OPEC+ members may gradually bring 2.2 million barrels per day of supply back to the market. However, oil balance does not require additional supply as this would push the market into a large surplus.

Trend Analysis:
We can see crude oil oscillated at a low level and was still running below the 48 hours moving average on H4 chart. On the other hand, the MACD double line and energy column converge from the bottom below the zero axis. The buy limit could be used, stop loss is mandatory.

Today's Key Price Levels:
Key Support Levels: [66.00]
Key Resistance Levels: [70.50]
Pivot Points [67.50]

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