Morning Insights 1st June

Razvan Mihai

Analyst

Instrument: EURUSD

Intraday: Bearish

Technical Analysis

Preference: Sell position is envisaged if price trades below 1.11170 with take profit at 1.10818.

Alternative scenario: Buy position is envisaged if price trades above 1.11531 with take profit at 1.11794

Fundamentals:

ISM Manufacturing PMI 3:00 pm USD 

Comment: Technically this instrument in on a resistance on the H1, H4, and the D1. on lower time frames the instruments are very strong resistance, a sell would look proper. But investors would look at the manufacturing PMI looking for signs of economic improvement.




Instrument: OIL

Intraday: Bullish

Technical Analysis

Preference: Buy position is envisaged if price trades above 38.05 with take profit at 38.78.

Alternative scenario: Sell position is envisaged if price trades below 37.26 with take profit at 36.64.

Fundamentals:

None

Comment: Today we see an increase in the price of oil and we can attribute that to the news that came out on the weekend that the OPEC + are looking to extend the production cut for 1-2 month. This is a good sign for oil as we can see that current improvement in Oil prices can be attributed to these supply cuts, so we should expect Oil prices to rise to higher level within the week.

Use your preferred trading platform

Register Now


Payment Options

What Clients Say?