Morning Insights 8th June

Simon Alagbe

Analyst

Instrument: EURUSD

Intraday: Bearish

Technical Analysis

Preference: Sell position is envisaged if price trades below 1.12703 with take profit at 1.12256.

Alternative scenario: Buy position is envisaged if price trades above 1.13223 with take profit at 1.13699.

Fundamentals:

ECB President Lagarde Speaks (EUR) 2:45 PM

Comment: The common currency benefited from the decision of the  European Central Bank (last week) to increase bond purchases to help the weakest economies of the bloc. The Greenback is envisaged to regain some lost ground in today's session owing to the release of weaker than expected data from Germany this morning.



Instrument: OIL

Intraday: Bullish

Technical Analysis

Preference: Buy position is envisaged if price trades above 43.38 with take profit at 44.00

Alternative scenario: Sell position is envisaged if price trades below 42.39 with take profit at 41.76

Fundamentals:

No major economic data with direct bearing on the commodity

Comment: Black gold is envisaged to benefit from the OPEC+ agreement on Saturday to extend the current supply cut for an additional month as well as the hike in the monthly price of oil from Saudi Arabia.

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