Instrument: EURUSD
Technical Analysis
Bullish Preference:
A buy position is envisaged if price trades above price 1.22297 with take profit at price 1.22440.
Bearish Preference:
A sell position is envisaged if price trades below price 1.22009 with take profit at price 1.21870.
Fundamentals:
3:00pm USD ISM Manufacturing PMI
Comment: The dollar weakened in early European trade Tuesday, slipping to multi-month lows against many of its peers, as traders look to the release of closely-watched nonfarm payrolls data later in the week for clues surrounding the Federal Reserve’s policy thinking.
Investors are turning toward European asset markets at the same time confidence in a Eurozone recovery is intensifying. On the other, the strength of the dollar during the first quarter of this year seems to be disappearing, and the currency is no longer reacting as positively to strong data from the United States.”
Analysis: SCRUM Team