fbpx

Daily Market Analysis 27|08|2020: EURUSD

Instrument: EURUSD

Intraday: Bullish

Technical Analysis

Preference: 
Buy position is envisaged if price trades above key level at 1.18540 with take profit at 1.19000
Alternative scenario: 
Sell position is envisaged if price trades below 1.17666 with take profit at key level 1.17000
Fundamentals:
USD Fed Chair Powell Speaks 2:10pm
USD Jackson Hole Symposium all day

Comment: The overall bearish out look of the dollar could remain the same even after Jerome Powell’s remark as he may only give a short term boost in the dollar which would only give it better pull backs for greater entries. Generally, the only reason we would see a long term stronger dollar is through an increased global market fear which would boost its world reserve currency/safe haven appeal. If Powell does give a dovish stance, a similar move from last week’s FOMC which gave dollar short terms strength would play out as mentioned; hence, it is envisaged that the EURO will trade bullish today.

Although it is best to wait till it crosses above mid-key level as stated

Analysis: SCRUM Team

Leave a Comment

Your email address will not be published. Required fields are marked *

×
Free Online Class
Select the fields to be shown. Others will be hidden. Drag and drop to rearrange the order.
  • Image
  • SKU
  • Rating
  • Price
  • Stock
  • Availability
  • Add to cart
  • Description
  • Content
  • Weight
  • Dimensions
  • Color
  • Additional information
  • Attributes
  • Custom fields
Compare
Wishlist 0
Open wishlist page Continue shopping