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Instrument: EURUSD
Technical Analysis
Bearish Preference:
Sell if price trades below 1.21647 with Take Profit at 1.21486.
Bullish Preference:
Buy if price trades below 1.21864 with Take Profit at 1.22120.
Fundamentals:
EUR 10;30AM M3 Money Supply Y/Y
USD 2:30PM Prelim GDP q/q
Unemployment claims
Core Durable Goods Order
Comment: European Council’s intention is to reinforce solidarity but it may also highlight failings in covid vaccination rollout as well as difficulties in vaccine production and delivery. It may also raise issues around the financial response to the pandemic given that the much-vaunted Recovery Fund is still to be disbursed.
Stuttering vaccine and fund roll-outs have weighed on regional sentiment especially as the path for unwinding lockdown restrictions is being delayed.
Analysis: SCRUM Team
