Instrument: EURUSD
Bullish Preference:
Buy position is envisaged if price trades above 1.05741 With Take profit at 1.05868
Bearish Preference:
Sell position is envisaged if price trades below 1.05486 with Take profit at 1.05366
Fundamentals:
No High Impact
Comment:
The Euro has held recent gains with currencies settling into Tuesday’s trade after a busy start to the week as markets look to decipher the implications of a protracted conflict evolving in Israel and Palestine. Fed Vice Chair Philip Jefferson said the central bank could “proceed carefully” in deciding whether any further increases are warranted, while Dallas Fed President Lorie Logan indicated rising Treasury yields could steer the Fed from further rate increases.
TECHNICALLY
EUR/USD remains in a descending trend channel despite the recent rally.
Nearby resistance could be at the breakpoint and recent high at 1.0617 ahead of another prior peak at 1.0673 that coincides with the 34-day simple moving average (SMA).
Analysis: SCRUM Team
