Morning Insights 31st January

Simon Alagbe

Analyst

Instrument: EURUSD

Intraday: Bearish

Technical Analysis

Preference:  Sell position is envisaged at 1.10235 with take profit at 1.09985.

Alternative scenario: Buy position is envisaged if price trades above 1.10312 with take profit at 1.10394.

Fundamentals:

No major economic data  

Comment: The instrument is currently on a downtrend and given that the Corona Virus has affected business dealings all around the world. The volume of medium impact news expected today should push the instrument to test both price regions.



Instrument: GBPUSD

Intraday: Bullish

Technical Analysis

Preference: Buy position is envisaged at 1.31308 with take profit at 1.31618

Alternative scenario: Sell position is envisaged if price trades below 1.30883 with take profit at 1.30573 

Fundamentals:

No major economic data 

Comment:  Brexit is expected to take place today and the market is expected to push even higher with this News and with data coming out of the US much later today, Both price regions ought to be tested.

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