Instrument: EURUSD
Technical Analysis
Bearish Preference:
Sell if price trades below 1.21442 and take profit at 1.21242
Bullish Preference:
Buy if price trades above 1.21713 and take profit at 1.21814
Fundamentals:
4:00pm USD Fed Chair Powell Testifies
Comment: The US dollar languished near six-week lows amid doubts about a relatively faster US economic recovery and was seen as one of the key factors driving the pair higher. The shared currency was further supported by Monday’s upbeat German IFO Business Climate Index, which jumped to 92.4 in February as against an uptick to 90.5 anticipated from 903 in the previous month. In addition the prospects for the passage of US President Joe Biden’s proposed $1.9 trillion stimulus package continued fueling the reflation trade. In fact, the House Budget Committee on Monday voted to advance the Democrats’ massive coronavirus relief plan and is on course to get a floor vote later this week.
Analysis: SCRUM Team
