Preference: Sell position is envisaged if price trades below 1.17250 with take profit at 1.17000
Alternative scenario: Buy position is envisaged if price trades above 1.17375 with take profit at 1.17653.
USD - Core PPI m/m 1:30pm
Comment: USD edged higher in early European trade today, holding on to recent gains following doubts about how quickly a COVID-19 vaccine will come to the market, prompting a more risk-averse trading environment. Fresh optimism about U.S. stimulus will probably keep global investor sentiment elevated.
Preference: Sell position is envisaged if price trades below 42.02 with take profit at 41.79.
Alternative scenario: Buy position is envisaged if price trades above 42.61 with the take profit at 43.31.
No major economic data with direct bearing to this commodity
Comment: Black gold is pressured by the rising number of fresh cases of COVI19 and concerns of over-supply as Libya reopen its biggest field. Crude prices are looking very vulnerable as the coronavirus continues to spread like wildfire across Europe and U.S. dampening optimism of the world returning to ''normal'' soon.
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