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Instrument: EURUSD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1.17043 with take profit at 1.17161.
Bearish Preference:
Sell position is envisaged if price trades below 1.16840 with take profit at 1.16695.
Fundamentals:
USD 1:30PM Philly Fed Manufacturing Index
Unemployment Claims
Comment: European markets received a weak handover from Wall Street, with the Dow Jones Industrial Average and the S&P 500 falling over 1%, after the minutes of the July Federal Reserve meeting showed that most policymakers believe it could be appropriate for the central bank to start reducing bond purchases this year.
Concerns are growing that the reining in of the Fed’s pandemic-era stimulus measures could occur just as the global economic recovery is showing signs of stalling, as countries take measures to combat the spread of the delta variant of the Covid-19 virus.
Analysis: SCRUM Team
