Analyst
Intraday: Bearish
Preference: Sell position is envisaged if price trades below 1.16108 with take profit at 1.15960
Alternative scenario: Buy position is envisaged if price trades above 1.16404 with take profit at 1.16689
ECB President Lagarde Speaks (EUR) 2:45 PM
Comment: The Greenback continued its recovery against major currencies last week because of the rise in the US real yield (U.S. inflation-linked bonds) and the release of impressive economic data from the US leading to the biggest single-week percentage decline on the pair since March. ECB Governing Council member and Bank of Italy Governor Ignazio Visco had on Sunday showed concern about the recent strengthening of the Euro, believing it could jeopardize price stability. If Lagarde shares the sentiment of Visco in her speech later today we might see the pair continuing the bearish move.
Intraday: Bullish
Preference: Buy position is envisaged if price trades above 42.18 with take profit at 42.41
Alternative scenario: Sell position is envisaged if price trades below 42.07 with take profit at 41.92
No major economic data with bearing on the commodity
Comment: The commodity has been pressured recently by the rising number of cases around the world dampening hopes for a full recovery of global oil demand. The commodity is envisaged to recover some lost ground in today's session owing to the positive data from China earlier today and the proposed strike by the Norwegian Oil and Gas Association (NOG) that could potentially threaten Oil production by 900,000 barrels per day.
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