Intraday: Bearish
Technical Analysis
Preference:
Sell if price trades below 1.08121 with take profit at 1.07840
Alternative scenario:
Buy position is envisaged if price trades above 1.08355 with take profit at 1.08529
Fundamentals:
French Flash Services PMI (EU) 8:15am
French Flash Manufacturing PMI (EU) 8:15am
German Flash Manufacturing PMI (EU) 8:30am
German Flash Services PMI (EU) 8:30am
Unemployment Claims (USD) 1:30pm
Flash Manufacturing PMI (USD) 2:45pm
Comment: The major take from the COVID 19 effect is, almost every country will slip into a recessionary period post-COVID and most investors would look for the country that would recover faster to save their money. Hence, more investors see the dollar as a safe haven. The EU itself hasn’t figured out the relief needed for its citizens during this pandemic. This pair is envisaged to continue trading bearish today
Analysis: SCRUM Team