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Daily Market Analysis 05/11/2021: EURUSD

Instrument: EURUSD

Technical Analysis

Bullish Preference: 
Buy position is envisaged if price trades above 1.15482 with take profit at 1.15625.
Bearish Preference: 
Sell position is envisaged if price trades below 1.15197 with take profit at 1.15057.
Fundamentals:
1:30pm USD Average Hourly Earnings m/m
     USD Non-Farm Employment Change
     USD Unemployment Rate

Comment: EURUSD edged lower this week as the dollar had a second straight week of gains versus major peers on Friday ahead of a key U.S. jobs report and after a string of central banks this week pushed back against faster tightening of monetary policy. investors now expect a more bullish dollar news to push the pair below the D1 support of 1.15000.

Analysis: SCRUM Team

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