Morning Insights 29th June

Simon Alagbe

Analyst

Instrument: OILs

Intraday: Bearish

Technical Analysis

Preference: Sell position is envisaged if price trades below 39.78 with take profit at 39.15.

Alternative scenario: Buy position is envisaged if price trades above 40.52 with take profit at 41.42.

Fundamentals:

No major economic data with direct bearing on the commodity.

Comment: Black gold is currently pressured by the  ever-rising number of COVID-19 cases threatening the recovery of global economy. Traders are encouraged to watch out for the reaction of the commodity around the confluence of bullish trend-line and support on the 4H timeframe.

OIls H4


Instrument: EURUSD

Intraday: Bullish

Technical Analysis

Preference: Buy position is envisaged if price trades above 1.12669 with take profit at 1.13098.

Alternative scenario: Sell position is envisaged if price trades below 1.12316 with take profit at 1.12068.

Fundamentals:

No major economic data with direct bearing on the currency pair.

Comment: The common currency is envisaged to regain some lost ground in today's session as the sentiment of renewed lock-down stand in the US owing to the rising number of new cases of infection in the populous states of California, Texas and Florida.  If the scheduled meeting between Angela Merkel and Emmanuel Macron to get the union to agree on the recovery fund for the zone comes out successful, it will further boost the bullish run on the pair. 

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