Today, the focus is on Iran’s plans to raise oil production, Tesla halting the production of two models, and German quarantine.
There will be a report on weekly crude oil reserves according to the American Petroleum Institute (API). Data above zero could push Brent prices down.
Assets to trade: Brent
Germany introduces a nationwide quarantine from December 16. Affects EUR
Tesla has suspended production of the X and S models for 16 days. Affects Tesla
The first batch of COVID-19 vaccine from Pfizer and BioNTech has arrived in the United States. Affects the S&P 500
Negotiations between the EU and the UK on a trade deal will continue. Affects GBP
Iran may increase the volume of oil production contrary to the opinion of OPEC+. Affects Brent
The introduction of a nationwide quarantine in Germany suggests that the EU authorities are ready to introduce new economic incentives. Earlier, the head of the ECB Christine Lagarde noted that it is extremely important for the regulator to support the recovery momentum. It is possible that financial support for businesses and citizens may lead to an increase in inflation in the region, which will affect the euro exchange rate.
However, at the current moment in time, the chart of the key currency pair has formed an inverted “head and shoulders” pattern, which indicates a potential of the Euro strengthening.
The asset could not find the strength to continue the uptrend. After the quotes failed to gain a foothold above 1855, the chances for the weakening of the bulls’ positions increased.
On the daily timeframe, a negative bearish engulfing pattern has formed. The beginning of a long downtrend is possible.
CHF/JPY on this day in history
- Since 2000, December 15th has been a trading day 13 times.
- On 46% of those days, the asset finished trading with growth.
- The maximum strengthening range was 1.29%.
- The downward trend was limited to 1.44%.