Instrument: EURUSD
Intraday: BULLISH
Technical Analysis
Preference:
Buy position is envisaged if price trades above 1.19099 with take profit at 1.19448
Alternative scenario:
Sell position is envisaged if price trades below 1.18902 with take profit at 1.18264
Fundamentals:
No major economic data with bearing on the pair.
Comment: The pair is envisaged to trade higher owing to the dovish stance of the Federal Reserve ahead of the all important Non-Farm payroll on Friday. Jerome Powell at his speech last Thursday outlined an accommodative shift in the bank’s inflation approach meaning rates would stay low for the foreseeable future.
Analysis: SCRUM Team