Analyst
Intraday: Bullish
Preference: Buy position is envisaged if price trades above 42.93 with take profit at 43.48.
Alternative scenario: Sell if price trades below 42.57 with take profit at 42.30.
Crude Oil Inventories (USD) 3:30 pm
Comment: Global oil consumption has started to recover as economies emerge from lockdown, while the Organization of the Petroleum Exporting Countries (OPEC) and allied producers - a grouping known as OPEC+ - have slashed output and U.S. shale producers have shut in wells. Although, the fear of a second wave of the pandemic seems to be hovering, the black Gold could push higher if it conquers the resistance on the 30mins time frame.
Intraday: Bullish
Preference: Buy position is envisaged if price trades above 1.13293 with take profit at 1.13446.
Alternative scenario: Sell if price trades below 1.12982 with take profit at 1.12784.
No major economic data with direct bearing on the pair
Comment: The dollar weakened in early European trade Wednesday, with traders seeking riskier currencies. These moves came after the release of better than expected PMI data Tuesday in Europe, the U.K. and the U.S., which lifted sentiment.
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