EUR/USD Up More Than 1%, U.S. Oil Continues To Fluctuate - Doo Prime News
Doo Prime News > Analysis > Market Insight > EUR/USD Up More Than 1%, U.S. Oil Continues To Fluctuate

1. Forex Market Insight    

EUR/USD  

EUR/USD refreshed its nearly two-week high to 1.0606, closed at 1.0580, up about 1.14%. 

Markets digested the possibility of a significant tightening of monetary policy by the European Central Bank (ECB) in the near future. 

Technical Analysis:

(EUR/USD 1-hour chart)  

We focus on the 1.0529-line today. If EUR runs steadily above the 1.0529-line, then pay attention to the support strength of the two positions of 1.0662 and 1.0776. If the strength of EUR breaks below the 1.0529-line, then pay attention to the suppression strength of the two positions of 1.0357 and 1.0184.   

GBP Intraday Trend Analysis   

Fundamental Analysis:

GBP/USD rose 1.02%, yet still not from the two-year low hit last week.  

Soaring inflation in Britain and a bleak growth outlook capped gains. 

Technical Analysis:

(GBP/USD 1-hour chart) 

Execution Insight:   

GBP is mainly focused on the 1.2478-line today. If GBP runs below the 1.2478-line, it will pay attention to the suppression strength of the two positions of 1.2243 and 1.2106. If GBP runs above the 1.2478-line, then pay attention to the suppression strength of the two positions of 1.2668 and 1.2807. 

2. Precious Metals Market Insight   

Gold   

Fundamental Analysis:   

Gold prices rose more than 1.5% yesterday, 19th May 2022, with spot gold hitting a high of $1,849.11 an ounce and closing at $1,841.76 an ounce. 

Weak U.S. jobs data added to worries about the economy, and a slide in USD and U.S. bond yields boosted gold’s safe-haven appeal. 

Meanwhile, U.S. gold futures rose 1.4% to $1,841.30. 

Technical Analysis:   

(Gold 1-hour chart)   

Trading Strategies:   

Gold pays attention to the 1830-line today. If the gold price runs steadily below the 1830-line, then it will pay attention to the support strength of the 1812 and 1793 positions. If the gold price breaks above the 1830-line, then pay attention to the suppression strength of the two positions of the 1844 and 1866.          

3. Commodities Market Insight   

WTI Crude Oil   

Fundamental Analysis:

Oil prices rose in choppy trading yesterday, 19th May 2022, rebounding from a two-day losing streak. 

Demand was boosted by a weaker dollar and expectations that lockdowns in Asia may be eased. 

The two major indicators of crude oil continued to fluctuate dramatically, rising nearly $5 a barrel in a few hours, recovering the ground lost earlier in the week.  

Technical Analysis:   

(Crude Oil 1-hour chart)   

Trading Strategies:   

Oil prices focus on the 109.62-line today. If the oil price runs below the 109.62-line, then focus on the suppression strength of the two positions of 105.01 and 102.52. If the oil price runs above the 109.62-line, then pay attention to the support strength of the two positions of 111.95 and 116.30.    

Disclaimer    

While every effort has been made to ensure the accuracy of the information in this document, DOO Prime does not warrant or guarantee the accuracy, completeness or reliability of this information. DOO Prime does not accept responsibility for any losses or damages arising directly or indirectly, from the use of this document. The material contained in this document is provided solely for general information and educational purposes and is not and should not be construed as, an offer to buy or sell, or as a solicitation of an offer to buy or sell, securities, futures, options, bonds or any other relevant financial instruments or investments. Nothing in this document should be taken as making any recommendations or providing any investment or other advice with respect to the purchase, sale or other disposition of financial instruments, any related products or any other products, securities or investments. Trading involves risk and you are advised to exercise caution in relation to the report. Before making any investment decision, prospective investors should seek advice from their own financial advisers, take into account their individual financial needs and circumstances and carefully consider the risks associated with such investment decision.  

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