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Instrument: EURUSD
Bullish Preference:
Buy position is envisaged if the price trades above 1.05160 with take profit at 1.05244.
Bearish Preference:
Sell position is envisaged if the price trades below 1.05019 with take profit at 1.04925.
Fundamentals:
1:30pm USD Unemployment Claims
Comment:
The U.S. dollar edged lower Thursday after weak employment data resulted in a moderation in U.S. Treasury yields, while the euro gained despite the weak economic outlook.
Data released Wednesday showed that U.S. private payrolls increased far less than expected in September, suggesting that the country’s labor market was cooling.
This raised doubts that the Federal Reserve would be inclined to hike interest rates again this year, prompting U.S. Treasury yields to ease from 16-year highs.
Analysis: SCRUM Team
