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Instrument: EURUSD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1.02553 with take profit at 1.02673
Bearish Preference:
Sell position is envisaged if price trades below 1.02139 with take profit at 1.01931
Fundamentals:
3:00pm USD ISM Manufacturing PMI
Comment:
The U.S. dollar edged lower Monday, weakening especially against the Japanese yen as the market reassessed the Federal Reserve’s tightening path. The big economic focus for this week will be the monthly U.S. jobs report on Friday, with 250,000 jobs expected to have been created in July, a drop from the 372,000 added the previous month. Investors should expect in the coming weeks “an elevated sensitivity of rate expectations and the dollar to incoming data points,” said analysts at ING, in a note. “In our view, this means that dollar-crosses volatility is unlikely to abate in the near term.”
Analysis: SCRUM Team
