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Futures News, April 16th: Enterprise Singapore (ESG) reported that Singapores light distillate fuel inventories rose by 1.495 million barrels to a three-week high of 18.002 million barrels in the week ending April 15th.Futures News, April 16th: Enterprise Singapore (ESG) reported that as of the week ending April 15th, Singapores middle distillate fuel inventories rose by 1.434 million barrels, reaching a 25-week high of 10.272 million barrels.According to a report from Futures on April 16, Enterprise Singapore (ESG) reported that Singapores fuel oil inventories rose by 1.943 million barrels to a three-week high of 23.665 million barrels in the week ending April 15.Italys final harmonized CPI annual rate for March was 1.6%, below the expected 1.5% and the previous reading of 1.50%.April 16th - According to foreign media reports, EU officials stated that the EU is drafting a plan to address the impending shortage of aviation fuel and maximize refinery output. European airlines have warned of potential aviation fuel shortages within weeks due to the conflict with Iran, disrupting pre-summer flight schedules. Europe is more dependent on aviation fuel imports than other transport fuels, with approximately 75% coming from the Middle East. A draft indicates that starting next month, the European Commission will release a map covering the entire EUs petroleum product refining capacity and take measures to "ensure that existing refining capacity is fully utilized and maintained." Officials familiar with the proposals stated that the EU is also developing measures for aviation fuel supply, but these measures are still being refined.

The EUR/USD Price Analysis Is Supported By Rebounds From 1.0840-45

Alina Haynes

Apr 11, 2023 14:37

EUR:USD.png 

 

On Tuesday morning, the EUR/USD reaches a new intraday peak near 1.0880 as bulls attempt to regain control following a two-day downtrend. Consequently, the Euro-U.S. dollar pair recovers after the convergence of the 100-day simple moving average and a two-week-long ascending support line.

 

However, the recovery movements of the major currency pair remain elusive unless the quote remains below the 13-day-old horizontal resistance area surrounding 1.0930.

 

A one-week-old descending trend line near 1.0900 is protecting the EUR/USD pair's near-term upside at press time.

 

In the event that the EUR/USD pair maintains strength above 1.0930, the 1.0975 monthly high may serve as the last line of defense for pair sellers before pushing the price to February's high of 1.1033.

 

Alternately, a breach of the 1.0840-45 support confluence would drive the price to the 1.0788 monthly low without hesitation.

 

Future EUR/USD skeptics may be challenged by the 50% and 61.8% Fibonacci retracement levels of the pair's March-April upswing, respectively near 1.0745 and 1.0690.

 

To restore market confidence, supporters of the EUR/USD must surpass 1.0930. The quote remains on the bears' radar despite the fact that 1.0845-40 limits the near-term decline.


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