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Daily Market Analysis 14/09/2021: EURUSD

Instrument: EURUSD

Technical Analysis

Bullish Preference: 
Buy position is envisaged if price trades above 1.18366 with take profit at 1.18479.
Bearish Preference: 
Sell position is envisaged if price trades below 1.18209 with take profit at 1.18107.
Fundamentals:
1:30pm USD CPI m/m
             USD Core CPI m/m

Comment: The Euro has given away some of its gains against the US Dollar after breaking out of a descending channel at the end of August and is now just hovering above the 1.18 mark. Despite the pullback, EUR/USD remains stuck in a range between its moving averages, with the shorter-dated 20- and 50-day SMAs offering support around 1.1800/15 and the longer-dated 50- and 100-day SMAs showing some resistance above 1.19.

Analysis: SCRUM Team

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