Morning Insights 27th March

Simon Alagbe

Analyst

Instrument: EURUSD

Intraday: Bearish

Technical Analysis

Preference: Sell position is envisaged if price trades below 1.10174 with take profit at 1.10091

Alternative scenario: Buy position is envisaged if price trades above 1.10210 with take profit at 1.10370.

Fundamentals:

Core PCE Price Index m/m (USD) 1:30pm

Personal Income m/m (USD) 1:30pm

Personal Spending m/m  (USD) 1:30pm

Comment: With new cases of deaths in Italy and Spain, The Eurozone is expected to suffer from its meteoric rise that it has enjoyed in the last set of days with the resistance at 1.10820 and given that price has tested it today, it is expected that trading activities will be under that resistance today.




Instrument: OIL

Intraday: Bullish

Technical Analysis

Preference: Buy position is envisaged if price trades above 28.79 with take profit at 29.10

Alternative scenario: Sell position is envisaged if price trades below 28.16 with take profit at 27.86

Fundamentals:

No major economic data with a direct bearing to this commodity 

Comment:  With Oil selling for the last set of days and also putting into consideration that price is on support and has not gone beneath the price region. One would be tempted to see prices of Oil close closer to 30$ today.

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