Analyst
Intraday: Bearish
Preference: Sell position is envisaged if price trades below 55.97 with take profit at 55.07.
Alternative scenario: Buy position is envisaged if price trades above 56.63 with take profit at 57.24.
No major economic data with direct bearing on the commodity
Comment: The rising number of infection rate of COVID-19 is forcing countries around the world to restrict movement thereby reducing the demand for Oil. Baker Hughes reported one additional active rig last week further strengthening the sentiment of over-supply in the market.
Intraday: Bearish
Preference: Sell position is envisaged if price trades below 1.08126 with take profit at 1.08039.
Alternative scenario: Buy position is envisaged if price trades above 1.08229 with take profit at 1.08397.
German Ifo Business Climate (EUR) 10 am
Comment: The rising case of infected persons in Italy with COVID-19 is envisaged to weigh on the common currencies further aiding the bearish move on the pair.
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