Analyst
Bearish Preference: Sell position is envisaged if price trades below 48.78 with take profit at 48.40
Bullish Preference: Buy position is envisaged if price trades above 49.02 with take profit at 49.40
No major economic data with bearing on the commodity
Comment: Brent closed higher in yesterday's session, buoyed by imminent approval of the vaccine in the United States and the rollout of the vaccine in Britain. This sentiment outweighs the large buildup of crude oil in the United States. Data from Energy Information Administration showed a 15.1 million barrel build-up as against 1.424 million predicted, but the optimism of a faster than expected economic recovery dominated sentiment.
Bullish Preference: Buy position is envisaged if price trades above 30150 with a take profit 30250
Bearish Preference: Sell position is envisaged if price trades below 29950 with take profit at 29800
No major economic data
Comment: US30 closed bearish yesterday because of the halting progress of economic stimulus talks; coupled with a decline in tech stocks after Facebook was slammed with a lawsuit suspecting their domineering operations. It is envisaged that this drop was also a healthy pullback for US30 to continue its bullish move, as investors are still confident of an economic recovery.
Bullish Preference: Buy position is envisaged if price trades above 1.20993 with a take profit 1.21225
Bearish Preference: Enter a Sell position if price trades below 1.20782 with take profit at 1.20431
EU Economic Summit (EUR) 1:45 pm
Main Refinancing Rate (EUR) 1:45 pm
Monetary Policy Statement (EUR) 1:45 pm
ECB Press Conference (EUR) 2:30pm
Comment: The EURO has seen a slight decline majorly due to the Brexit talks and also coupled with economic stimulus talks. The Brexit conversations still have not reached a conclusion, and most investors are having mixed sentiment on the direction of this agreement. Therefore, we have seen a significant change in the market structure of the pair. It is envisaged that the bullish move of this morning is just a pullback and the bearish move will continue for a while.
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