Analyst
Intraday: Bullish
Preference: Buy position is envisaged if price trades above 42.20 with take profit at 42.50
Alternative scenario: Sell position is envisaged if price trades below 41.53 with take profit at 41.24
Crude Oil Inventories (USD) 3:30pm
Comment: Oil prices fell on Tuesday after API reported an unexpected rise in U.S. crude inventories. The data renewed concerns about declining fuel demand, which caused a steep selloff on the instrument. A resurgence in cases of COVID19 is raising a lot of questions about the pace of demand for the commodity. The commodity is expected to trade higher today regarding the current bullish move on the stock market in anticipation of fresh stimulus from Central Banks.
Intraday: Bearish
Preference: Sell position is envisaged if price trades below 1.16709 with take profit at 1.16454
Alternative scenario: Buy position is envisaged if price trades above 1.17012 with take profit at 1.17207
Flash Manufacturing PMI (USD) 2:45pm
Comment: The common currency has traded flat against the greenback in recent time as the rising number of infections in the zone and series of unimpressive economic data from the zone weigh on sentiment. EUR/USD stays well on the defensive for the time being. The breach of the key contention area in the 1.1700 neighbourhood has opened the door to a deeper retracement in the short-term.
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Adefuwa Ayodele