
The European Central Bank will publish the monetary policy statement with the interest rate decision on January 21, at 14:45 MT time.
Up to now, the euro needs a weak USD to break above the pivot point at 1.1640. If EUR/USD is able to stick above the pivot point, the further rise will be more likely. However, if the USD becomes stronger, the pair will stay under the pivot point. Supports are at 1.1610 (50-day MA) and 1.1545.
Brent needs support to break above $77.25 (9-day MA). In case of the positive data, the price will go up. The resistance is at $78.30. 20-day MA has crossed 50-day MA bottom up that is a positive signal for the benchmark. If the data isn’t encouraging, the price will go down. Supports are at $77 and $75.40.
WTI has been trying to rise as well. However, traders are not sure about the economic data, so the trading isn’t extensive. 9-day MA is near to cross 50-day MA bottom up. It’s a positive sign for the price. If the data shows the greater deficit in the number of inventories, WTI price will go up. The resistance is at $69.40. If the data isn’t good for the prices, WTI will fall. Supports are at $68.25, $68 and $67.30.
That’s all for today! Follow market news with FBS!
The European Central Bank will publish the monetary policy statement with the interest rate decision on January 21, at 14:45 MT time.
Jump in to know the key market events and trading ideas for this week!
USD’s rally takes a pause, while riskier assets are modestly rising.
The market optimism waned amid stricter restrictions to control rising coronavirus infections. S&P 500 and Nasdaq dropped from the all-time highs, while the USD jumped higher.
S&P 500 skyrocketed to the all-time high on optimism that Biden’s fiscal stimulus will support economic growth and boost corporate earnings.
PMI reports from the EU, the UK, and the USA will be released during the day!
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