Analyst
Bearish Preference: Sell position is envisaged if price trades below 40.20 with take profit at 39.32
Bullish Preference: Buy position is envisaged if price trades above 40.57 with take profit at 41.34
No major economic data with direct bearing on the commodity
Comment: Black gold continued its losses from last week in the early session as a rising number of fresh COVID-19 infections in Europe and the United States dampen demand. The commodity is also pressured by the prospects of over-supply, as Libya's National Oil Corp on Friday ended its force majeure on exports. The bearish pressure on the commodity is rising as the OPEC+ ministerial meeting couldn't propose a new policy.
Bearish Preference: Sell position is envisaged if price trades below 1.18205 with take profit at 1.17965
Bullish Preference: Buy position is envisaged if price trades above 1.18381 with take profit at 1.18588
New Home Sales (US) 1PM
Comment: The record-breaking rise in the number of new infections around the world is expected to dampen risk appetite as investors embrace safe-haven instruments hence a somewhat tight range trading is envisaged on the pair ahead of the ECB’s monetary policy meeting on October 29.
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