Morning Insights 16th October

Simon Alagbe


Instrument: EURUSD

Technical Analysis

Bearish Preference:  Sell position is envisaged if price trades below 1.17045 with take profit at  1.16800

Bullish Preference: Buy position is envisaged if price trades above 1.17240 with take profit at 1.17425.


Core Retail Sales m/m (USD) 1:30pm

Retail Sales m/m (USD) 1:30pm

Comment:  The euro edged lower in the early hours of today because of an increasing number of COVID-19 cases, and the negative BREXIT sentiment, however, there still exists uncertainty in the US economy and the low-interest rate which reduces its attractiveness hence, investors are buying EUR/USD at this dip at the current support zone. 

Instrument: OIL

Technical Analysis

Bearish Preference: Sell position is envisaged  if price trades below 42.49 with take profit at 41.66.

Bullish Preference:  Buy position is envisaged if price trades above 43.10 with take profit at  43.56.


No major economic data with direct bearing on this commodity 

Comment: There have been intense worries over weakening fuel demand in Europe due to a resurgence in COVID-19 cases, and the US. is not faring better.  In Europe, some countries were reviving curfews and lockdowns to fight a surge in new coronavirus cases,  with major cities imposing tougher COVID-19 restrictions on Friday.

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