Morning Insights 25th May

Simon Alagbe

Analyst

Instrument: EURUSD

Intraday: Bearish

Technical Analysis

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

Fundamentals:

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. 



Instrument: OILs

Intraday: Bullish

Technical Analysis

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

Fundamentals:

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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