Bullish Preference: Buy position is envisaged if price trades above 68.36 with take profit at 68.64.
Bearish Preference: Sell position is envisaged if price trades below 67.91 with take profit at 67.63.
No major economic data with bearing on the commodity
Comment: Oil prices were steady on Tuesday, holding around one-week highs after jumping over 3% the previous session as investors tempered expectations of an early return of oil exporter Iran to international crude markets. Still, the global recovery from the COVID-19 pandemic is patchy, showing a mixed outlook for oil demand. Parts of Europe and the United States are recording fewer infections and deaths, prompting governments to ease restrictions, but in other areas such as India - the world's third-biggest oil importer - rates are still high.
Bullish Preference: Buy position is envisaged if price trades above 1.22849 with take profit at 1.23051.
Bearish Preference: Sell position is envisaged if price trades below 1.22357 with take profit at 1.22149.
German ifo Business Climate (EUR) 9:00 am
CB Consumer Confidence (USD) 3:00 PM
Comment: The dollar weakened in early European trade Tuesday, with Federal Reserve officials keen to stick to the recent mantra that inflationary pressures were temporary and the central bank’s ultra-easy monetary policies were here to stay. European Market is set to hit record highs as a billion-dollar takeover deal combining two of Germany's biggest property developers and soothing comments about inflation drove an upbeat mood among investors.
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