Morning Insights 8th July

Simon Alagbe

Analyst


Instrument: EURUSD

Intraday: Bullish

Technical Analysis

Preference: Buy position is envisaged if price trades above 1.13061 with take profit at 1.13404.

Alternative scenario: Sell position is envisaged if price trades below 1.12562 with take profit at 1.12366.

Fundamentals:

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

Comment: The resurgence in the number of infections worldwide is dampening market optimism as some of the introduced stimulus program are close to expiration. The pair is trading narrowly, and a breakout is envisaged before the end of the session today.



Instrument: OILs

Intraday: Bullish

Technical Analysis

Preference: Buy position is envisaged if price trades above 43.18 with take profit at 43.61.

Alternative scenario: Sell position is envisaged if price trades below 42.63 with take profit at 42.26.

Fundamentals:

 Crude Oil Inventories (US) 3:30 PM

Comment: Black gold closed bearish in the session yesterday as a report from the American Petroleum Institute (API) showed a  2 million-barrel build in crude oil supplies amidst the rising number of COVID19 cases. The commodity is envisaged to recover some of the lost ground today as we await the Energy Information Administration report later today.

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