Morning Insights 19th June

Simon Alagbe


Instrument: EURUSD

Intraday: Bullish

Technical Analysis

Preference: Buy position is envisaged  if price trades above 1.12424 with take profit at 1.12805.

Alternative scenario: Sell position is envisaged if price trades below 1.11758  with take profit at 1.11698.


Economic Summit (EUR) ALL DAY 

Comment: Technically price is at a proven support and sentiments seems to favour the EUR today given fundamentals from the Eurozone today and given that the Eurozone is looking at painting a picture of stability after Brexit and the ongoing Pandemic. Provided news are slightly in favor of the Euro today, one can expect the price to push higher

Instrument: OIL

Intraday: Bullish

Technical Analysis

Preference: A Buy is in order if prices trade above 42.50 with take profit at 43.15.

Alternative scenario: Sell is in order if price trades below 41.89 with take profit at 41.40.


Baker Hughes Rig Count (US) 6 PM

Comment: With the seeming ease on the ban on international flights, it is expected to push sentiments on Oil. The instrument is expected to start its gradual climb to the 50s region. Oil has also enjoyed a sort of renaissance in the last set of weeks and this latest relaxation of international flights on the 1st of July would boost demand.

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