Instrument: EURUSD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1.13035 with take profit at 1.13170.
Bearish Preference:
Sell position is envisaged if price trades below 1.12839 with take profit at 1.12707.
Fundamentals:
11:00am EUR ZEW Economic Sentiment
EUR German ZEW Economic Sentiment
Comment: The pair peaked during European trading hours, helped by weaker US government bond yields weighing on the American currency. Nevertheless, yields changed course after Wall Street’s opening, pushing the USD marginally higher across the FX board. The yield on the 10-year Treasury note kicked started the day at 1.378%, currently hovering around 1.43%. On Tuesday, Germany will release October Industrial Production and the December ZEW survey, while the EU will release a revision of the Q3 Gross Domestic Product. Later in the day, the US will offer the October Goods Trade Balance and Q3 Nonfarm Productivity.
Analysis: SCRUM Team