Instrument: EURUSD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1.17717 with take profit at 1.17831.
Bearish Preference:
Sell position is envisaged if price trades below 1.17529 with take profit at 1.17406.
Fundamentals:
No major fundamental.
Comment: The greenback has been able to maintain its strength despite stocks’ upswing – showing that it is more than a safe-haven currency.
Moreover, the greenback also seems to ignore the moves in bond markets. Returns on 10-year Treasuries have bounced off the lows and are hovering around 1.20% – the dollar is powering ahead regardless.
Concerns about future developments also weigh on the euro – first and foremost, Thursday’s decision by the European Central Bank.
Analysis: SCRUM Team