Analyst
Intraday: Bearish
Preference: Sell position is envisaged if price trades below 1.35641 with take profit at key level 1.35288.
Alternative scenario: Buy position is envisaged if price trades above 1.35846 with take profit at 1.36071.
No major economic data with direct bearing on the pair
Comment: The buck strengthened in yesterday's session due to Non- Manufacturing PMI report, which came out very positive. It showed that the Non-Manufacturing sector of the American economy is faring very well. Currently, on the H1 we see that there is a strong resistance and price might not break this resistance, without a strong fundamental. So we expect price to range for the time being.
Intraday: Bullish
Preference: Buy position is envisaged if price trades above 42.74 with take profit at key level 43.33.
Alternative scenario: Sell position is envisaged if price trades below 42.02 with take profit at 41.40.
No fundamentals with bearing on the commodity
Comment: In the past months we have seen Oil price rise from as low as $20pb to $45pb. As the effect of the virus begin to wear down and companies all other the world start operating, we should expect Oil prices to soar and demand for Oil increase. Technically on the H1 we see that OIL is around a support region and we expect prices to hover around a resistance and support until the crude oil inventory report comes out on Wednesday.
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