Energies
Oil prices went up on Thursday to regain some of the losses it has incurred since “Liberation Day” when Trump announced reciprocal tariffs. West Texas Intermediate (WTI) broke above $64 again in yesterday’s trading session. Prices found support in the short term moving averages MA(5) and MA(10) on the hourly chart.
Important support levels to monitor for next week are: $59.87 and $58.47
Dow Jones Industrial Average closed the week below 40,000 points after three days of losses. The index fell 3.34% this week (or 1,358 points). The index faced strong resistance at the MA(30) on the hourly chart this week. Retracements to 39,654 levels could push the index lower.
Other important resistance levels on the index are 40,478 and 41,012
EURUSD mostly traded in a small range this week as the pair failed to reach the important psychological level of 1.1500. Yesterday, the European Central Bank (ECB) announced a rate cut of 25 basis points in line with market expectations.
EURUSD only dropped temporarily due to a weaker USD. As RSI reaches overbought levels, downward correction is anticipated before it continues its upward trend.
Important support levels to watch out for EURUSD are: 1.1337, 1.1283, 1.1264
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