Daily Review for May 14, 2021
Market calmed after huge volatility due to the US inflation data.
Today the ECB will announce its monetary policy strategy and economic forecast.
EURUSD is looking for the 1.2160 area.
Businessman Michael Saylor took advantage of Bitcoin drop and bought an additional 271 Bitcoins. His company actual position is 91,850 Bitcoins.
Bitcoin price remains above support 1 and is expected to move sideways before changing trend.
WTI drops to USD$63 per barrel after Colonial pipeline restart normal operating capacity.
Dow Jones resumes its upward trend. It approaches the 34,300 mark.
| EURUSD +0.21% |
| The ECB will hold its monetary policy statement today. In it, the Bank is expected to announce its economic strategy to mitigate inflationary effects in the Euro Zone. At the moment the EURUSD is up 0.21% and is trading at 1.2103. European markets are expected to open higher. |
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| Support 1: 1.2088 Support 2: 1.2080 Support 3: 1.2075 Resistance 1: 1.2102 Resistance 2: 1.2106 Resistance 3: 1.2115 Pivot Point: 1.2093 |
| The currency is between Resistance 1 and the Pivot Point. Price is above the 50- and 100-day moving averages. If the trend continues we could see movements towards resistance 3 at 1.2115. RSI is near the overbought zone. Pivot point at 1.2093. |
| BITCOIN -3.55% |
| Bitcoin price managed to stay above support 1, after the entrepreneur Michael Saylor, owner of the company MicroStrategy, decided to buy 271 Bitcoins. The company has a total of 91,850 Bitcoins. At the moment the price of Bitcoin is down 3.55% and is trading at USD$48,890. |
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| Support 1: 49,272.8 Support 2: 48,856.9 Support 3: 48,628.6 Resistance 1: 49,917.0 Resistance 2: 50,145.3 Resistance 3: 50,561.3 Pivot Point: 49,501.1 |
| Expected trading range between 48.628 and 50.561. Pivot point at 49,501. Bulls are looking to recover the price towards the 100-day moving average at 53.000. RSI neutral. Price is at the pivot point, which may indicate a change in trend. |
| CRUDE OIL -0.20% |
| Crude oil price decreased after reaching USD$66.55 per barrel. Colonial pipeline began its normal operation, thus mitigating the fear of oil shortages in the U.S. market. As a result, the price of crude oil continued its trajectory and is now trading sideways above USD$63.68 per barrel. |
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| Support 1: 63.44 Support 2: 63.31 Support 3: 63.11 Resistance 1: 63.77 Resistance 2: 63.97 Resistance 3: 64.10 Pivot Point: 63.64 |
| Price is between the pivot point and support 1. The Ichimoku cloud projects a trading range between 63.11 and 64.10. Pivot point at 63.64. RSI exiting the oversold zone. |
| DOW JONES +0.51% |
| After a week of strong volatility, the index is getting back on track. At the moment it is up 0.51% and is trading in 34,104. Today, we will have macroeconomic data for the US, including Retail Sales (demand indicator), Industrial Production (Supply Indicator) and Consumer Confidence. The data is expected to be encouraging for the economy. |
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| Support 1: 34,068.6 Support 2: 34,021.3 Support 3: 33,991.1 Resistance 1: 34,146.1 Resistance 2: 34,176.3 Resistance 3: 34,223.6 Pivot Point: 34,098.8 |
| Price crossed the Ichimoku cloud and is currently above resistance 1. Expected trading range between 33,991 and 34,223. Pivot point at 34,098. RSI approaching the overbought zone. |
| Sources |
| Reuters Market watch Bloomberg Capitalix Market Research |
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