Analyst
Intraday: Bearish
Preference: Sell position is envisaged if price trades below 42.31 with take profit at 41.86
Alternative scenario: Buy position is envisaged if price trades above 42.69 with take profit at 43.30
No major economic data with bearing on the commodity
Comment: Black gold is envisaged to trade lower as the potential return of output from Libya fuels sentiment of a glut in the market. The growing number of infections around the world is another limiting factor for black gold as countries like France, Spain, Greece and Denmark announcing new coronavirus restrictions in some of their largest cities.
Intraday: Bearish
Preference: Sell position is envisaged if price trades below 1.18417 with take profit at 1.18132
Alternative scenario: Buy position is envisaged if price trades above 1.18738 with take profit at 1.18983
Fed Chair Powell Speaks (US) 3 PM
Comment: Economic data from the Eurozone have shown a rebound in recent times but with fresh fears of a growing number of new infections in the Eurozone could limit the strength of the Euro. The pair is expected to trade bearish ahead of the speech of Jerome Powell, Chairman Federal Reserve along with the rest of the FOMC board members, about rule-making for the Community Reinvestment Act, via satellite later today.
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