AMarkets App

AMarkets App

The best trading app

ratings of app

Trading ideas for Oil, EUR/USD and GBP/USD

June 04, 2021

EUR/USD: The EUR rose against above 1.2200 ahead of the European session on Wednesday. Hopes for further stimulus, US and China trade news are limiting the rise of the US dollar. Retail sales in Germany may stall a three-month recovery, while Lagarde of the ECB may further dismiss fears of reflation.

According to the forecast of retail sales in Germany, within three months there will be an uptrend with the index of -2.0% m/m, compared with +7.7% in the previous month. The same could provide an additional reason for the protection of the 1.2200 level by EUR/USD buyers.

On the other hand, recent comments from Fed executives have been mixed, but positive talk about a Sino-US trade deal could help the US dollar prolong its recent recovery steps. Positive sentiment is also supported by the news that the International Monetary Fund (IMF), the World Health Organization (WHO) and other agencies are investing $50 billion in developing countries.

BUY 1.22200/TP 1.23360/SL 1.20700


WTI: The WTI rose on Tuesday, the WTI prices reached new highs in 2021, just below the $69 mark. This move has been in tandem with rising open interest and volume and opens the door for a continuation of the uptrend towards the key barrier at $70.00 per barrel in the short term.

The latest data from CME Group on crude oil futures markets showed that open interest extended the uptrend for another session on Monday, this time by about 25.6 thousand contracts. In the same line, volumes increased for the second session in a row by about 135.3 thousand contracts.

BUY 68.02/TP 69.85/SL 61.25


GBP/USD: The GBP rose against USD on Wednesday, cautiously surpassing 1.4150. The pair is recovering from a sharp drop from the highs of 1.4248 in the previous session. Aggressive trading is alarming for traders.

Talk that Brexit caused £110 billion in losses to UK service exporters, according to a study by Aston University in Birmingham, has sparked fury over the half-hearted negotiations between the European Union (EU) and the UK over a trade deal. It should be noted that the launch of an independent UK trade body on Tuesday after Brexit is considered a risk for the EU, as the trade authority can now impose sanctions on the block if needed.

The COVID-situation pushes the EU to keep the UK off from a safe travel list, according to Reuters. It’s worth mentioning that the comments from BOE Governor Andrew Bailey suggesting reflation fears due to the green shift also weighed on the GBP/USD prices.

BUY 1.41473/TP: 1.42980/SL: 1.40000