Analyst
Bearish Preference: Sell limit at 1.19936 with take profit at 1.19608
Bullish Preference: Buy position is envisaged if price trades above 1.19736 with take profit at 1.19952
Fed Chair Powell Testifies (US) 4:00 PM
ISM Manufacturing PMI (US) 4:00 PM
ECB President Lagarde Speaks (EUR) 6:00 PM
Comment: The Pair continued its recent surge to retest the 1.12 psychological level, which had proven to be a strong barrier in recent time. A retest on the resistance is on the card as the instrument continues to trade above all major Moving Averages depicting that the bullish momentum is still intact.
Bearish Preference: Sell position is envisaged if price trades below 47.20 with take profit at 46.95
Bullish Preference: Buy position is envisaged if price trades above 47.92 with take profit at 48.35
No major economic data with direct bearing on the commodity
Comments: Oil prices slipped on Tuesday amid concerns over mounting supply after leading producers delayed talks on 2021 output policy that could extend production cuts as the coronavirus pandemic continues to sap fuel demand. November was a strong month for oil, with both benchmarks rising by about 27% as investors held on to hopes that a vaccine would speed up a return to normalcy from COVID-19 lockdowns. Investors are now weighing a renewed surge of COVID-19 cases around the world and new lock-down phase in other EU cities as well, while we await news of the approval of the COVID-19 vaccines in the coming weeks.
Bullish Preference: Buy position is envisaged if price trades above 13449.30 with take profit at 13595.60
Bearish Preference: Sell position is envisaged if price trades below 13285.7 with take profit at 13225.90
ECB President Lagarde Speaks (EUR) 6:00 pm
Comments: A number of European countries are now facing public disquiet over the restrictions their governments have put in place to try and curb the spread of the Covid-19 virus ahead of the important Christmas period. Also of interest is the state of the discussions between Britain and the European Union over a Brexit trade deal. Talks between the EU and the British chief negotiator Michel Barnier and British chief negotiator David Frost continued through Sunday, and this has generated optimism that a deal is close.
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