Intraday: Bearish
Technical Analysis
Preference:
Sell position is envisaged if price trades below 1.08792 with take profit at 1.08438
Alternative scenario:
Buy position is envisaged if price trades above 1.09061 with take profit at 1.09415.
Fundamentals:
German Constitutional Court Ruling (tentative).
ISM Non – Manufacturing.
Comment: The Euro saw a huge drop yesterday, we could attribute that to the negative data on the Sentix Investor Confidence, this shows how confident investors are in the European economy, the data came out very negative when compared to the forecast. Looking forward today we can see the instrument is on a verified support, the downward pressure is high and if that support is broken it would move to rest on a lower support
Analysis: SCRUM Team