Analyst
Bullish Preference: Buy position is envisaged if price trades above 1.17976 with take profit at 1.18176.
Bearish Preference: Sell position is envisaged if price trades below 1.117507 with take profit at 1.17221
Building Permits (USD) 1:30 PM
Fomc member Quarles Speaks (US) 3:50 PM
Comment: The euro has struggled to break the 1.8000 region, but as investors hopes remain bleak on the passage of the COVID stimulus package before the presidential elections, a possibility of a huge stimulus package being passed remains unforeseen, as republicans senators are in favor of a more conservative package. This bleak outlook for the USD could give investors a reason to be bullish on the euro while shorting the buck. But prices breaking through key bullish zones could signify a bullish market for today.
Bearish Preference: Sell position is envisaged if price trades below 42.13 with take profit at 41.81.
Bullish Preference: Buy position is envisaged if price trades above 42.76 with take profit at 43.06
No major economic data with direct bearing on the commodity.
Comment: Brent prices saw a further decline for the fourth conservative day as the outlook for oil is bearish, the increase of a second wave of COVID has weakened the demand for oil. Also OPEC + pledge to support the black liquid during Monday joint ministerial monitoring committee meeting. Despite the concerns, opec + will press ahead with plans to pare production cuts to 5.7 million barrels per day(bpd) from January onwards, also the reversal of the cuts where to start by January but this date has also been postponed.
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