Preference: Sell position is envisaged if price trades above 1.18685 with take profit at 1.18421.
Alternative scenario: Buy if price trades above 1.18881 with take profit at 1.19122.
No major economic data with direct bearing on the pair
Comment: The Euro has seen significant gains after the passage of the Euro stimulus package, but the current ECB president speech was viewed as dovish as she expressed uncertainty weighing on consumer spending and business investment, also the low energy prices have dampened the outlook for inflation in the eurozone. Technically, we see the instrument is around a resistance region on the H1 and H4 boosting the likelihood of price falling from the zone.
Preference: Sell position is envisaged if price trades above 39.23 with take profit at key level 38.89.
Alternative scenario: Buy position is envisaged if price trades above 39.63 with take profit at 40.04.
No major economic data with direct bearing on the commodity
Comment: Energy prices have been tanking and this can be attributed to the fact that experts predict a resurgence in the coronavirus cases as the weather gets colder, weighing on the price of Oil.
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