Morning Insights 5th December

Razvan Mihai

Analyst

Instrument: OIL

Intraday: Bullish

Technical Analysis

Preference: Buy position is envisaged if price trades above 63.00 with take profit at 63.70.

Alternative scenario: Sell position is envisaged if price trades below 62.63 with take profit at 62.13

Fundamentals:

OPEC Meetings (All day)

Comments:

OPEC meeting of the cartels at Vienna today expects Saudi Arabis to announce more production cuts to help lift prices. The US has also seen a decrease in   inventory by 4.9m barrels, hence, a bullish move on oil is envisaged.

Instrument: EURUSD

Intraday: Bearish

Technical Analysis

Preference: Sell position is envisaged if price trades below 1.10750 with take profit at 1.10458.

Alternative scenario: Buy position is envisaged if price trades above 1.10917 with take profit at 1.11143.

Fundamentals:

No major economic data with direct bearing on the pair

Comments:

The US markets bounced back from yesterday's sell-off when Bloomberg indicated that the US-China trade officials continued talks and made progress on their agreement. Also seeing that the US markets expect more jobs to have been added via the NFP, the general sentiment hovering the US market is one of strength, hence we envisage a bearish EURUSD.

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