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The price of Bitcoin is trying to remain under the broken support level of 40234. Should the asset stay there at the end of the trading week, its price might drop to the level of 35000. Of course, the bearish trap might potentially form. However, a price drop is ahead. So, let’s observe when it […]

US GDP Due Along with the January ECB meeting, the other key focus for markets today will be advance US Q4 GDP.  Yesterday, both the US services and manufacturing PMIs were seeing coming in above forecasts, adding to the recent run of strong US data. Forecasts for today, however, are set a little low. The […]

Daily Market Outlook, January 25, 2024 Munnelly’s Market Minute…“Tesla Earnings Disappoint, ECB On Deck” Asian markets saw modest gains, although the overall positive momentum was limited due to the impact of various earnings reports and the recent increase in global yields, which partially offset the excitement over Chinese stimulus measures. The Nikkei 225 eventually turned […]

EURUSD, “Euro vs US Dollar” EURUSD has completed a correction wave to 1.0931 (a test from below), forming a decline impulse to 1.0889 and its correction to 1.0907 today. A structure of the second decline impulse to 1.0862 is currently forming. Upon reaching this level, the quotes might correct to 1.0884 (a test from below) […]

USDCHF, “US Dollar vs Swiss Franc” USDCHF quotes are above the 200-day Moving Average on H4, revealing the probability of an uptrend development. The RSI has rebounded from the support line. In this situation, the quotes are expected to rise above 6/8 (0.8667) and reach the resistance at 7/8 (0.8728). The scenario could be cancelled […]

Crude Rallying on Inventories Data Oil prices are pushing higher today with crude futures close to testing the December highs. The latest inventories report from the EIA yesterday recorded a heavy 9.5 million barre drawdown, far deeper than the 1.5 million-barrel draw the market was looking for. This comes on the back of a 2.5-million-barrel […]