Morning Insights 22nd May

Simon Alagbe

Analyst

Instrument: EURUSD

Intraday: Bearish

Technical Analysis

Preference: Sell position is envisaged if price trades below 1.09016 with take profit at 1.08836

Alternative scenario: Buy position is envisaged if price trades above 1.09260 with take profit at 1.09377

Fundamentals:

ECB Monetary Policy Meeting Accounts (EUR) 12:30 pm

Comment: The Greenback traded higher yesterday against an array of other currencies, the Euro inclusive, and given that previous data released from the Eurozone has been very sluggish. The strength of the Euro will depend on the ECB Monetary Policy meeting report today, at 12:30 pm.



Instrument: OILs

Intraday: Bullish

Technical Analysis

Preference: Buy position is envisaged if price trades above 34.90 with take profit at 35.30

Alternative scenario: Sell position is envisaged if price trades below 32.89 with take profit at 32.20

Fundamentals:

Baker Hughes Rig Count (US) 6 pm

Comment: The instrument has been overbought this week, eventually setting a new high and the resistance at 36.90 proving very strong and has sent the instrument back down, but with new support at 34.16, hence the bullish stance at the specified price levels.

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