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Technical Outlook


-Buying opportunity in WTI once the upcoming resistance is breached. Trader must wait for the break and retest.

-EURUSD charts shows Head and Shoulder pattern formation. Selling opportunity once the price breaks below neckline.

U.S. Crude Oil Inventories

The Energy Information Administration’s (EIA) Crude Oil Inventories measures the weekly change in the number of barrels of commercial crude oil held by US firms. The level of inventories influences the price of petroleum products, which can have an impact on inflation.

If the increase in crude inventories is more than expected, it implies weaker demand and is bearish for

crude prices. The same can be said if a decline in inventories is less than expected. If the increase in crude is less than expected, it implies greater demand and is bullish for crude prices.

The same can be said if a decline in inventories is more than expected.

The previous Actual data was -5.503M. The forecasted data was -3.725M. The report is due Wednesday, January 10, 2024, 21:00GMT.

WTI Technical Analysis:

WTI was in a downtrend, trading inside a bearish channel, forming lower highs and lows. The 50EMA is trading above the price, validating the downtrend.

The RSI Bullish line is at 47.92, showing neutral overbought and oversold condition. However, Divergence could be seen, signaling that the price may reverse from the current point. After the Divergence formation, the price broke above the bearish channel but is still trading below the 50EMA.

After the breakout, the price also broke the previous swing high and formed higher highs and lows. Currently, the price is trading between $68.653 and $75.899. We could see the price surge once it breaks above the upcoming resistance. However, if the price breaks the recent swing low or the support, the price may continue its downtrend.

Pivot Points: WTI

  Support  Resistance

US (USD): U.S. Initial Jobless Claims

Initial Jobless Claims measures the number of individuals who filed for unemployment insurance for the first time during the past week. This is the earliest U.S. economic data, but the market impact varies from week to week.

A higher than expected reading should be taken as negative/bearish for the USD, while a lower than expected reading should be taken as positive/bullish for the USD.

The previous actual data was 202K better than the forecast 216K.The upcoming report is due on January 11, 13:30 GMT and its forecast figure stands at 211K.

EURUSD Technical Analysis:

EURUSD recently had a significant upmove after a long bearish sentiment. The price went up the previous week and came down with a high volume and volatility. The 50EMA is below the price, which still shows a bullish market.

Overall, the price is still maintaining its bullish momentum. The RSI line is at 50.26, which shows a slight inclination towards the overbought condition. The chart shows that the Head and Shoulder pattern could be valid if the sellers push the price down, breaking the neckline at $1.08923.

The earlier reversal price pattern formation, Double Top, did not play out. If the price now breaks above $1.11472 and stays for a while, the uptrend may continue. However, if the price breaks below the $1.08923 level and gives a retracement, we can have a sell opportunity. Traders must go on the lower time frame for trade confirmation.

Pivot Points: EURUSD

  Support  Resistance

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