Preference: Sell position is envisaged if price trades below 1.08391 with take profit at 1.08004
Alternative scenario: Buy position is envisaged if price trades above 1.09153 with take profit at 1.09295
No major economic data with direct bearing on the pair
Comment: The Greenback is envisaged to surge higher against the common currencies after it was reported that Germany, the Bloc' biggest economy fell into recession in the first quarter of this year.
Preference: Buy position is envisaged if price trades above 35.94 with take profit at 36.72
Alternative scenario: Sell position is envisaged if price trades below 35.39 with take profit at 34.57
No major economic data with bearing on the commodity
Comment: The commodity has been supported recently by the gradual easing of lockdown, boosting sentiment of improved demand.
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Oluwatuyi Timileyin Samuel
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