03.08. Fresh trading analysis: oil prices and Spain's production activity
Monday, August 3rd, today’s news—Spain's production activity rises following a strict, three-month lockdown. Oil prices fall amid the worries of oversupply as OPEC+ plans to wind back the output cuts. The price of Brent oil is $43.08, WTI—$39.75. EUR/USD is at 1.1778, GBP/USD—1.3106, gold is $1,979.55 per ounce. Read the daily selection of analytical reviews from Grand Capital experts to navigate the market during a time of volatility.
EURGBP analysis
The overall trend is upward. The 0.8980 support level (round secondary level) is holding back sellers. Awesome Oscillator indicates a bullish divergence, while Stochastic Oscillator indicates an oversold condition. Keep track of the price movement in real time.
Trading recommendations: buy when an ascending wave pattern is formed, where wave A breaks through the inclined channel of the descending pattern.
EURUSD technical analysis
The pair is trading above 1.1740 ahead of the release of important inflation data in the eurozone and employment data in the US. The pair may correct up if it falls below this level. At the same time, the growth of positive sentiment in the markets will support it again. Keep track of the rate changes in real time.
Trading recommendations: if the pair holds above the 1.1740, it will grow towards 1.1900. At the same time, if it falls below this level, it may fall further to 1.1695.
Trading ideas for Bayer AG (XETRA)
The support level of 56.00 is holding back sellers. Bullish divergence has formed on Awesome Oscillator, and Stochastic Oscillator indicates an oversold condition. Keep track of the rate changes in real time.
Trading recommendations: buy when an ascending wave pattern is formed, where wave A breaks through the inclined channel of the descending pattern.
Useful info and online charts
Visit the new section on Grand Capital website to monitor the rate changes of your preferred instruments and get useful information to help you decide on a trading strategy.
*Trading recommendations offered by analysts do not constitute a solicitation. Before starting to trade on currency exchange markets, please make sure that you understand the risks connected with the use of leverage and that you have sufficient level of training.
