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Daily Market Analysis 27|08|2020: EURUSD

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Daily Analysis / Online Education

Daily Market Analysis 27|08|2020: EURUSD

Instrument: EURUSD

Intraday: Bullish

Technical Analysis

Preference: 
Buy position is envisaged if price trades above key level at 1.18540 with take profit at 1.19000
Alternative scenario: 
Sell position is envisaged if price trades below 1.17666 with take profit at key level 1.17000
Fundamentals:
USD Fed Chair Powell Speaks 2:10pm
USD Jackson Hole Symposium all day

Comment: The overall bearish out look of the dollar could remain the same even after Jerome Powell’s remark as he may only give a short term boost in the dollar which would only give it better pull backs for greater entries. Generally, the only reason we would see a long term stronger dollar is through an increased global market fear which would boost its world reserve currency/safe haven appeal. If Powell does give a dovish stance, a similar move from last week’s FOMC which gave dollar short terms strength would play out as mentioned; hence, it is envisaged that the EURO will trade bullish today.

Although it is best to wait till it crosses above mid-key level as stated

Analysis: SCRUM Team

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