Morning Insights 9th March

Simon Alagbe

Analyst

Instrument: EURUSD

Intraday: Bullish

Technical Analysis

Preference: Buy position is envisaged if price trades above 1.14970 with take profit at 1.15284.

Alternative scenario: Sell position is envisaged if price trades below 1.14232 with take profit at 1.13599.

Fundamentals:

No major economic data with direct bearing on the pair

Comment: The Fibre is envisaged to benefit from the better than expected data released from Germany this morning. The data raised optimism that the manufacturing recession in Europe's largest economy is slowing its pace. 



Instrument: GOLD

Intraday: Bullish

Technical Analysis

Preference: Buy position is envisaged if price trades above1684.97 with take profit at 1691.95.

Alternative scenario: Sell position is envisaged if price trades below 1675.67 with take profit at 1665.20.

Fundamentals:

No major economic data with direct bearing on the yellow metal

Comment: The Precious metal is envisaged to benefit from the current market condition as the impact of COVID-19 continue to rattle the market.

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