Bullish Preference: Buy position is envisaged if price trades above 44.80 with take profit at 45.90
Bearish Preference: Sell position is envisaged if price trades below 43.95 with take profit at 43.12.
No major economic data with a bearing on the commodity
Comment: Renewed restrictions in Europe and the United States to combat the coronavirus have slowed the pace of fuel demand recovery, offsetting a rebound in Asian economies where consumption has almost returned to pre-COVID levels. Encouraging forecasts for returns to pre-pandemic consumption levels in the mid-term are also helping push oil up, Once we get the COVID-19 vaccine spread across the globe and it works as Pfizer has suggested, then we would expect to see more normal demand coming through for oil and with that higher prices.
Bearish Preference: Sell position is envisaged if price trades below 1.18012 with take profit at 1.17556
Bullish Preference: Buy position is envisaged if price trades above 1.18418 with take profit at 1.18825
EUR ECB President Lagarde Speaks 2PM
Comments: EUR/USD is in stasis amid increased hopes for coronavirus vaccine and evidence of a renewed slowdown in the German economy. The European Central Bank President's speech may provide a clear directional bias to the common currency.
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