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Instrument: EURUSD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1.13718 with take profit at 1.13830.
Bearish Preference:
Sell position is envisaged if price trades below 1.13465 with take profit at 1.13347.
Fundamentals:
2:30pm USD Philly Fed Manufacturing Index
USD Unemployment Claims
Comment: Retreating US bond yields weighed on the USD and assisted EUR/USD to gain traction on Wednesday. The EUR/USD pair gained some positive traction on Wednesday and reversed a part of the previous day’s slide to a one-week low, though the uptick lacked bullish conviction. The recent US dollar recovery from over two-month low touched in reaction to a devastating US retail sales report on Friday stalled amid a pullback in the US Treasury bond yields.
Analysis: SCRUM Team
