Intraday: Bullish
Technical Analysis
Preference:
Buy position is envisaged if price trades above 1.12066 with take profit at 1.12443.
Alternative scenario:
Sell position is envisaged if price trades below 1.11521 with take profit at 1.111205.
Fundamentals:
No major economic data with direct bearing on the currency pair.
Comment: The common currency lost ground last week owing to the failure of the European Union leaders to agree on a structure for the planned 750 billion euros Covid-19 recovery fund. Some recovery is envisaged on the pair this week as plans to reach an agreement before the summer solidifies.
Analysis: SCRUM Team