Analyst
Intraday: Bearish
Preference: Sell position is envisaged if price trades below 1.10759 with take profit at 1.10612
Alternative scenario: Buy position is envisaged if price trades above 1.10835 with take profit at 1.10942.
ISM Manufacturing PMI (USD) 4 pm
Comment: The pair failed to push above a key resistance level in the session last Friday despite attaining the largest 1-day gain in more than a month. Weaker than expected German retail sales data as well as the unexpected contraction in the final quarter of last year' GDP data from France is envisaged to push the pair lower today.
Intraday: Bearish
Preference: Sell position is envisaged if price trades below 55.94 with take profit at 54.63.
Alternative scenario: Buy position is envisaged if price trades above 56.94 with take profit at 57.06
No major economic data with direct bearing on the commodity today
Comment: The instrument gaped down on opening for this week' session as the impact of the deadly coronavirus bites harder. Some countries are resulting in banning entry to foreign nationals who have recently visited China so as to curb the spread. With light production expected to resume in China today, the impact is not expected to fuel a bullish move
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