Instrument: EURUSD
Technical Analysis
Bearish Preference:
Sell is envisage if price trades below 1.20628 with take profit at 1.20338.
Bullish Preference:
Buy is envisaged if price trades above 1.20950 with take profit at 1.21162.
Fundamentals:
Tentative EUR German 10-y Bond Auction
12:00pm USD NFIB Small Business Index
Tentative USD Mortgage Delinquencies
Comment: The market ended bullish the day before, this could be pegged at the weakening dollar index as an effect of the growing numbers of the COVID cases and also the not so pleasant NFP report last week Friday. Nonetheless, other data has been showing signs of improving momentum in the economic recovery with initial jobless claims falling for the third straight week, and the ISM manufacturing and service surveys were solid. In addition we expect a major move as regards Implementation of the proposed stimulus package.
Analysis: SCRUM Team