Morning Insights 17th March

Simon Alagbe

Analyst

Instrument: EURUSD

Intraday: Bearish

Technical Analysis

Preference: Sell position is envisaged if price trades below 1.11237 with take profit at 1.11050

Alternative scenario: Buy position is envisaged if price trades above 1.11458 with take profit at 1.11728

Fundamentals:

German ZEW Economic Sentiment (EUR) 11 AM

EU Economic Summit (EUR) All-day

Core Retail Sales m/m (USD) 1:30 PM

Retail Sales m/m (USD) 1:30 PM

Comment: The economic sentiment scheduled to be released from Germany later today will provide insight into how European businesses view the current situation and could either weaken or strengthen the common currency. 




Instrument: GOLD

Intraday: Bearish

Technical Analysis

Preference: Sell position is envisaged if price trades below 1480.00 with take profit at 1470.52

Alternative scenario: Buy position is envisaged if price trades above 1488.36 with take profit at 1501.74

Fundamentals:

Core Retail Sales m/m (USD) 1:30 PM

Retail Sales m/m (USD) 1:30 PM

Comment: The current bearish trend on the commodity is strongly supported by candle formation and arrangement on the hourly chart pending the release of the expected retail sales data.

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