Instrument: EURUSD
Intraday: BEARISH
Technical Analysis
Preference:
Sell position is envisaged if price trades below 1.18417 with take profit at 1.18132
Alternative scenario:
Buy position is envisaged if price trades above 1.18738 with take profit at 1.18983
Fundamentals:
Fed Chair Powell Speaks (US) 3 PM
Comment: Economic data from the Eurozone have shown a rebound in recent times but with fresh fears of a growing number of new infections in the Eurozone could limit the strength of the Euro. The pair is expected to trade bearish ahead of the speech of Jerome Powell, Chairman Federal Reserve along with the rest of the FOMC board members, about rule-making for the Community Reinvestment Act, via satellite later today.
Analysis: SCRUM Team