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Instrument: EURUSD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1.18998 with take profit at 1.19173
Bearish Preference:
Sell position is envisaged if price trades below 1.18385 with take profit at 1.18205
Fundamentals:
No major Fundamental
Comment: The euro has started the week in negative territory, dropping below the 1.19 level. Currently, EUR/USD is trading at 1.1879, down 0.24% on the day.
The catalyst for the dollar strength has been the rise in US Treasury yields. The 10-year bond climbed to 1.60% earlier on Monday, while 30-year bonds rose to 2.31%. This was in response to the Senate passing a massive 1.9 trillion dollar stimulus package on Saturday. The Democrats, who control both houses of Congress, plan to send the bill to President Biden for his signature by March 14.
Analysis: SCRUM Team
