Instrument: EURUSD
Intraday: BEARISH
Technical Analysis
Preference:
Sell position is envisaged if price trades below 1.8823 with take profit at 1.18450
Alternative scenario:
Buy position is envisaged if price trades above 1.19353 with take profit at key level 1.19698
Fundamentals:
1:15pm USD ADP Non-Farm Employment Change
Comment: The dollar bounced off two-year lows on Wednesday as U.S. data pointed to a firm manufacturing activity, while the euro retreated from its highest levels since 2018 on profit-taking. Price is expected to retreat further if it breaks the nearest support on 1HR.
Analysis: SCRUM Team