Preference: Buy position is envisaged if price trades above 1.10509 with take profit at 1.10666
Alternative scenario: Sell position is envisaged if price trades below 1.10401 with take profit at 1.10281.
German Flash Manufacturing PMI (EUR) 9:30 am
German Flash Services PMI (EUR) 9:30 am
Treasury Sec Mnuchin Speaks (USD) 10:30 am
ECB President Lagarde Speaks (EUR) 10:30 am
Comment: The European Central Bank was more cautious than expected in its monetary policy statement released yesterday. President Lagarde says she is concerned about low rates in the zone that are predicated on low growth. The common currency is envisaged to recover some lost ground in the session today.
Preference: Buy position is envisaged if price trades above 61.61 with take profit at 61.81
Alternative scenario: Sell position is envisaged if price trades below 61.50 with take profit at 61.19.
Baker Hughes Rig Count data 7 pm
Comment: Demand for oil has been on a flatfoot this week amidst worries of coronavirus in China. The commodity is envisaged to benefit from the declaration of the World Health Organization (W.H.O) that the outbreak is yet to become a global health emergency and could encourage more travelling hence boosting the demand for the commodity.
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