Instrument: EURUSD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1.13414 with take profit at 1.13580.
Bearish Preference:
Sell position is envisaged if price trades below 1.13147 with take profit at 1.13014.
Fundamentals:
1:30pm EUR – ECB President Lagarde speaks
Comment: The EUR/USD pair quickly reversed an Asian session dip to a near two-week low and shot to a fresh daily high, around the 1.1335 region in the last hour. The pair attracted some dip-buying near the 1.1300 mark and has now reversed a major part of the overnight losses. Hence, the downward momentum has improved somewhat and EUR could edge lower but a sustained drop below the major support at 1.1285 is unlikely. Resistance is at 1.1335, a breach of 1.1360 would indicate that the current mild downward pressure has eased.
Analysis: SCRUM Team