Analyst
Bearish Preference: Sell position is envisaged if price trades below 1.22337 with take profit at 1.22049
Bullish Preference: Buy position is envisaged if price trades above 1.22465 with take profit at 1.22864
No major economic data with bearing on the pair
Comment: The dollar index fell sharply after sentiment of expectations a strong economic rebound across the globe in 2021 favouring riskier currencies. The House of Representatives voting to approve the initiative of President Donald Trump to increase US COVID-19 relief package to households from $600 to $2000 weigh on the greenback ahead of the re-convention of Senate later today. The sentiment in the market has set the Euro on course to a new high in over 2 years.
Bullish Preference: Buy position is envisaged if price trades above 51.70 with take profit at 51.99
Bearish Preference: Sell position is envisaged if price trades below 51.37 with take profit at 51.25
No Major Fundamentals
Comments: Even as global prices end the year at about $51 a barrel, near the average for 2015-2017, it masks a year of volatility. In April, U.S. crude plunged deep into negative territory and Brent dropped below $20 per barrel, slammed by the COVID-19 pandemic and a price war between oil giants Saudi Arabia and Russia. It is projected that new lock-downs and a phased roll-out of vaccines to treat the virus will restrain demand as the year comes to an end, and perhaps beyond.
Bullish Preference: Buy position is envisaged if price trades above 30499 with take profit at 30540
Bearish Preference: Sell position is envisaged if price trades below 30422 with take profit at 30318
No Major fundamentals
Comments: Stocks rose sharply Monday, and all three major U.S. indexes set intra-day and closing records after President Donald Trump finally signed the $900 billion fiscal stimulus bill. Investors may be looking now for low-volatility income strategies found in many defensive sectors within the equity market, as bond yields offer nothing exciting.
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