The pair has formed a symmetrical triangle over the past weeks. Consolidating around 0.8600-0.8700.
Watch out for a bear if the production cut is more than 10M barrels per day during the OPEC meeting happening at 14.00GMT. This will majorly benefit the swing traders and target a break below the symmetrical triangle on the news of an OPEC agreement.
For the bullish, this break could be the technical signal for a long position if you feel the current weak oil story and positive global risk assessment will continue. Unless the current global pandemic environment makes a change.All the best.
Watch out for a bear if the production cut is more than 10M barrels per day during the OPEC meeting happening at 14.00GMT. This will majorly benefit the swing traders and target a break below the symmetrical triangle on the news of an OPEC agreement.
For the bullish, this break could be the technical signal for a long position if you feel the current weak oil story and positive global risk assessment will continue. Unless the current global pandemic environment makes a change.All the best.