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Daily Market Analysis 31|08|2020: EURUSD

Instrument: EURUSD

Intraday: BULLISH

Technical Analysis

Preference:  
Buy position is envisaged if price trades above 1.19099 with take profit at 1.19448
Alternative scenario: 
Sell position is envisaged if price trades below 1.18902 with take profit at 1.18264
Fundamentals:
No major economic data with bearing on the pair.

Comment:  The pair is envisaged to trade higher owing to the dovish stance of the Federal Reserve ahead of the all important Non-Farm payroll on Friday. Jerome Powell at his speech last Thursday outlined an accommodative shift in the bank’s inflation approach meaning rates would stay low for the foreseeable future.

Analysis: SCRUM Team

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