Analyst
Bearish Preference: Sell position is envisaged if price trades below 40.17 with take profit at 39.51
Bullish Preference: Buy position is envisaged if price trades above 42.98 with take profit at 42.11
No major economic data with a direct bearing on the commodity
Comment: Black gold gaped upon opening this week, fueled by positive data released from China and Japan. The commodity was further aided by the expectations of OPEC+ holding on to the current output cut offsetting concerns of a weaker oil demand amidst rising production from Libya.
Bearish Preference: Sell position is envisaged if price trades below 1.18339 with take profit at 1.18119
Bullish Preference: Buy position is envisaged if price trades above 1.18574 with take profit at 1.19091
ECB Financial Stability Review (EUR) 10:00 AM
ECB President Lagarde Speaks (EUR) 2:00 PM
Comment: The dollar index fell 0.22% in the early session, resuming the weakness of the greenback against a basket of major currencies with the RSI showing upside momentum. The European market is expected to benefit from strong economic data released from China and Japan earlier in the day, fueling optimism of a global economic recovery despite the rising number of new infections in the Eurozone and US.
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