Instrument: EURUSD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1.22022 with take profit at 1.22131.
Bearish Preference:
Sell position is envisaged if price trades below 1.21796 with take profit at 1.21688.
Fundamentals:
USD 1:15PM ADP Non-Farm Employment Change
1:30PM Unemployment Claims
Comment: EUR/USD sheds ground for the third consecutive session on the back of further recovery in the greenback so far on Thursday.
In fact, the continuation of the buying pressure in the dollar puts the pair under further downside pressure despite the move higher in yields of the German 10-year Bunds and recent higher-than-expected inflation figures in the bloc.
Analysis: SCRUM Team