Analyst
Intraday: Bearish
Preference: A Sell position is envisaged if price trades below 26.82 with take profit at 26.50
Alternative scenario: Buy position is envisaged if price trades above 27.58 with take profit at 28.45
No major economic data expected today
Comment: The sentiment on black gold is still bearish as supply far outweighs demand creating a glut in the market. OPEC also revised downward its global oil demand estimates for 2020 to 92.8 million barrels per day from 99.7 million barrels per day further fueling the selling pressure on the commodity.
Intraday: Bearish
Preference: A Sell position is envisaged if price trades below 1.08372 with take profit at 1.08266
Alternative scenario: Buy position is envisaged if price trades above 1.09000 with take profit at 1.09221
No major economic data expected today
Comment: Market sentiment on the pair remain bearish owing to the expected global recession sequel to the economic impact of COVID19. The greenback being the world's dominant currency is expected to outperform other major currencies including the Euro. The pair has found resistance on 50 EMA on both the 1H and 4H timeframe.
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