Analyst
Intraday: Bullish
Preference: Buy position is envisaged if price trades above 29.18 with take profit at 30.20
Alternative scenario: Sell position is envisaged if price trades below 28.30 with take profit at 26.97
No major economic data expected today
Comment: The uptick of Oil is due to the expected supply cut that would be implemented by OPEC + and the US this month of May, also a lot of countries have started opening certain sectors of their economy. This means the demand of by-products of crude oil (Gasoline and Natural Gas) would increase. A lot of investors would look at the data of crude oil inventories coming up later this week to see if the supply cut and countries opening back their economy has reduced inventories, and increased the demand for oil.
Intraday: Bearish
Preference: Sell position is envisaged if price trades below 1.08792 with take profit at 1.08438
Alternative scenario: Buy position is envisaged if price trades above 1.09061 with take profit at 1.09415.
German Constitutional Court Ruling (EUR) (tentative).
ISM Non - Manufacturing (US) 3 PM
Comment: The Euro saw a huge drop yesterday, we could attribute that to the negative data on the Sentix Investor Confidence, this shows how confident investors are in the European economy, the data came out very negative when compared to the forecast. Looking forward today we can see the instrument is on a verified support, the downward pressure is high and if that support is broken it would move to rest on a lower support.
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