Morning Insights 20th January

Razvan Mihai

Analyst

Instrument: EURUSD

Intraday: Bearish

Technical Analysis

Preference: Sell position is envisaged if price trades below 1.10968 with take profit at 1.10891

Alternative scenario: Buy position is envisaged if price trades above 1.11067 with take profit at 1.11144.

Fundamentals:

Bank Holiday (USD) All day

Eurogroup Meetings (EUR) All day

Comment: The pair registered its biggest single-day decline in over two weeks on Friday confirming a three-week bearish trend. US banks will be closed in observance of Martin Luther King Day today which might impact liquidity and in turn volatility on the dollar pairs.



Instrument: OIL

Intraday: Bullish

Technical Analysis

Preference: Buy position is envisaged if price trades above 65.75 with take profit at 66.86

Alternative scenario: Sell position is envisaged if price trades below 65.49 with take profit at 64.98

Fundamentals:

No major economic data with direct bearing on the commodity.

Comment:  Black gold gaped upon opening for this week's session as intensified tensions in the Middle East raised output and exports concerns. Escalation of unrest has led Iraq to halt output at an oilfield as National Oil Corporation Libya, declared ''force majeure'' after ports under the control of Commander Khalifa Haftar were blocked.

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