Instrument: EURUSD
Intraday: BEARISH
Technical Analysis
Preference:
Sell position is envisaged if price trades above 1.18685 with take profit at key level 1.18421.
Alternative scenario:
Buy if price trades above 1.18881 with take profit at 1.19122.
Fundamentals:
No major economic data with bearing on the pair.
Comment: The Euro has seen significant gains after the passage of the Euro stimulus package, but the current ECB president speech was viewed as dovish as she expressed uncertainty weighing on consumer spending and business investment, also the low energy prices have dampened the outlook for inflation in the euro. Technically we see the instrument is around a resistance region on the H1 and H4. The likelihood of price falling has increased.
Analysis: SCRUM Team