Instrument: EURUSD
Bullish Preference:
A Buy position is envisaged if the price trades above 1.06928 With take profit at 1.07084
Bearish Preference:
A Sell position is envisaged if the price trades below 1.06616 with Take profit at 1.06464
Fundamentals:
8:15AM EUR: French Flash Manufacturing PMI
French Flash Services PMI
8:30AM German Flash Manufacturing PMI
German Flash Services PMI
2:45PM USD Flash Manufacturing PMI
Flash Services PMI
Comment:
The Euro has managed to rally to start this week after a volatile trading session through the US time zone.
Most notably, Treasury yields climbed higher overnight before retreating lower after famed investors, Bill Ackman and Bill Gross Tweeted some bullish dynamics for US government debt.
Ackman said that his organisation had covered its short bond position due to concerns about the outlook for the US economy.
EUR/USD TECHNICAL ANALYSIS UPDATE
EUR/USD cleanly broke through the topside of a descending trend channel last Thursday and continued higher before pausing at minor resistance levels near 1.0680 today. To learn more about breakout trading, click on the banner below.
Analysis: SCRUM Team