Analyst
Intraday: Bearish
Preference: A sell trade is envisaged if price trades below 1.09392 with take profit at 1.08958
Alternative scenario: A buy trade is envisaged if price trades above 1.09665 with take profit at 1.09774
Unemployment claims (USD) 1:30pm.
Comment: EURUSD continued its decline at the early hours of the European session but got rejected at a support zone. Despite the current bullish move in the market, investors are still considering the U.S as a safe haven, hence, the bearish move would continue. Technically, the pair only moved higher to touch a trending support level which shows it could get rejected above and start its bearish move soon.
Intraday: Bullish
Preference: A buy trade is envisaged with take profit at 28.20
Alternative scenario: A sell trade is envisaged if price trades below 27.39 with take profit at 26.80
No major economic data with direct bearing to this commodity
Comment: The announcement by President Trump of the long-awaited truce between Saudi Arabia and Russia has been the major reason why oil rebounded and pushed higher today. It is expected that in a few days, they both reach an agreement, cut production levels and keep the price high. Hence, we still envisage oil to keep pushing higher.
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