Instrument: EURUSD
Intraday: BULLISH
Technical Analysis
Preference:
Buy position is envisaged if price trades above 1.18682 with take profit at 1.19059
Alternative scenario:
Sell position is envisaged if price trades below 1.18222 with take profit at 1.17947
Fundamentals:
No major economic data with bearing on the pair.
Comment: The broader sentiment on the greenback remain weak as Powell reiterated the intention of the Bank to keep rate low for longer. The Greenback surged to the highest level on Friday the highest in over a week against basket of other currencies after employment data showed improvement in the US job market. Banks in the US is closed in observance of Labor day and is expected to limit liquidity.
Analysis: SCRUM Team