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Instrument: EURUSD
Intraday: Bullish
Technical Analysis
Preference:
Buy position is envisaged if price trades above 1.17834 with take profit at 1.18932.
Alternative scenario:
Sell position is envisaged if price trades below 1.17032 with take profit at 1.16440.
Fundamentals:
ISM Manufacturing PMI (USD) 3 PM
Comment: The greenback recovered some lost ground earlier today as a technical retracement on the pair. The economy of the US is gloomy at the moment with bond yield dipping to the lowest level, deadlock over the extension of the economic relief as well as growing number of infections in the country. Hence the bullish run on the pair is envisaged to continue.
Analysis: SCRUM Team
