Intraday: Bearish
* Technical Analysis
* Preference: A Sell position is envisaged if price trades below 1.08372 with take profit at 1.08266
* Alternative scenario:
Buy position is envisaged if price trades above 1.09000 with take profit at 1.09221
* Fundamentals:
No major economic data expected today
Comment: Market sentiment on the pair remain bearish owing to the expected global recession sequel to the economic impact of COVID19. The greenback being the world’s dominant currency is expected to outperform other major currencies including the Euro. The pair has found resistance on 50 EMA on both the 1H and 4H timeframe.
Analysis: SCRUM Team