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July 17th Futures News: Looking ahead to next week, the escalating and ongoing conflict will provide continued upward momentum for the crude oil market. However, the possibility of the US returning to the negotiating table cannot be ruled out, which would limit the price increase. Overall, international oil prices may continue to rise in the short term. On the supply side, there are currently no new refinery maintenance or resumption of operations in Shandong, and the refinery operating rate is trending towards stability, with the overall operation remaining stable. As for major refineries, Qingyang Petrochemical plans maintenance, resulting in a slight decrease in the operating rate, and the supply of gasoline and diesel resources is relatively stable. On the demand side, driven by the continuously rising market, companies with low inventory have made moderate restocking, but terminal demand has not shown a significant increase, resource consumption is slow, and large-scale market operations are cautious. Next week, the retail price increase window will materialize, and the new round of price adjustments still shows an upward expectation. While there is still positive news support, terminal market demand is unlikely to keep up, putting pressure on high prices. A slight decline in gasoline and diesel prices cannot be ruled out.On July 17th, according to CNN, US President Trump addressed the American people during a rare wartime prime-time session, but he did not use the opportunity to clearly outline his strategy for dealing with the escalating conflict with Iran. In fact, he barely mentioned the conflict. "We have the most powerful and effective military in the world today. Thats what I built during my first term, but unfortunately, were now forced to use it," he said, adding that the US is "winning big on Iran, and youll soon see the results of those efforts." This was Trumps only mention of the conflict.The Hang Seng Tech Index fell further to 2%, while the Hang Seng Index is currently down 0.59%.On July 17th, the highest 7-day annualized yield of Tencent Wealth Managements "Current Account +" was 1.3730%, and the lowest was 0.7850%. The highest 7-day annualized yield of WeChat Pays "Lingqian Tong" was 1.0440%, and the lowest was 0.8420%. The highest 7-day annualized yield of Alipays "Yuebao" was 1.0060%, and the lowest was 0.9090%.July 17th - In the first half of 2026, railway construction progressed efficiently and effectively. The national railway system completed 363.2 billion yuan in fixed asset investment, a year-on-year increase of 2.1%, with a cumulative total of 355.2 kilometers of new lines put into operation, achieving a good start to the 15th Five-Year Plan. Going forward, the China State Railway Group will thoroughly implement the deployment requirements of the CPC Central Committee and the State Council on improving the modern comprehensive transportation system, fully implement the key railway construction tasks identified in the National 15th Five-Year Plan Outline, accelerate the preliminary work of key projects, scientifically optimize the construction organization of projects under construction, improve the quality and efficiency of railway investment, ensure the completion of the annual construction tasks, and contribute to high-quality economic and social development.

Analysis of the EUR/USD Price Indicates 1.0930 Is a Crucial Resistance Level for Bulls

Daniel Rogers

Apr 04, 2023 14:39

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EUR/USD sustains its week-beginning strength as bulls approach the crucial 1.0930 resistance level, trading near 1.0910 as of early Tuesday press time.

 

In doing so, the EUR/USD pair validates the bullish MACD signals and the ascending RSI (14) line, indicating it is not overbought.

 

The Euro pair's effective trading beyond the convergence of the 21-DMA and the 50-DMA, around 1.0730-25 at the time of publication, strengthens the bullish outlook.

 

As a result, EUR/USD purchasers are likely to surmount the critical resistance area comprised of multiple levels marked since late January 2023.

 

The Year-to-Date (YTD) high of 1.1033 could act as a further filter to the north before directing EUR/USD investors to the 61.8% Fibonacci Expansion (FE) of its November 2022 to March 2023 moves near 1.1190.

 

It should be noted that the psychological magnetism of 1.000 can also be used to verify Euro-Pair purchasers.

 

In the interim, a downside break of the aforementioned DMA confluence near 1.0730-25 is not an open invitation to the EUR/USD bears, as an ascending support line from September 2022, close to 1.0630 at the absolute minimum, could act as the buyers' last line of defense.

 

A decline to the previous monthly low of 1.0548 cannot be ruled out if the Euro-U.S. dollar exchange rate remains below 1.0630.