Bearish Preference: Sell position is envisaged if price trades below 62.53 with take profit at 61.62
Bullish Preference: Buy position is envisaged if price trades above 63.17 with take profit at 64.41
No major economic data with bearing on the commodity
Comment: Oil price is envisaged to continue to climb as production in the US could only grow slightly from the effect of the severe cold. Production in the US will probably take several days for production to return to the pre-cold snap period.
Bullish Preference: Buy position is envisaged if price trades above 105.711 with take profit at 105.831.
Bearish Preference: Sell position is envisaged if price trades below 105.567 with take profit at 105.457.
No major economic data with bearing on the pair
Comment: The U.S. dollar fell to multi-year lows on Monday, as investors cheered vaccine progress and wagered on the pandemic recovery bringing a global trade boom and an export windfall. Asian shares turned mixed on Monday as expectations for faster economic growth and inflation globally battered bonds and boosted commodities while rising real yields made equity valuations look more stretched in comparison.
Bearish Preference: Sell position is envisaged if price trades below price 13886.1 with take profit at 13853.1
Bullish Preference: Buy position is envisaged if price trades above 13978.5 with a take profit at 14010.6
German Ifo Business Climate (EUR) 10 am
Comment: Germany stocks were higher after the close on Friday, as gains in the Technology, Industrials and Consumer & Cyclical sectors led shares higher. The stock made a low trend last week because most companies share lowered, but on Friday it had a bounce back.
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