Instrument: EURUSD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1.18121 with Take profit at 1.18235.
Bearish Preference:
Sell position is envisaged if price trades below 1.17897 with take profit at 1.17789.
Fundamentals:
No major fundamental.
Comment: A late Friday surge as Powell’s much anticipated Jackson Hole speech, failed to provide a notable signal for tapering, relative to the plethora of hawkish Fedspeak heading into Powell’s remarks. In turn, the USD succumbing to a typical “buy the rumour, sell the fact” type of trade pushing EUR/USD to test 1.1800. That being said, while there was a lack of a signal, Chair Powell did confirm that it may be appropriate to taper this year, which will be contingent on the upcoming key data releases, most notably next week’s jobs report.
Analysis: SCRUM Team