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Instrument: EURUSD
Technical Analysis
Bearish Preference: A sell position is envisaged if price trades below 1.20089 with a take profit before 1.19905
Bullish Preference: A buy position is envisaged if price trades above price 1.20233 with take profit before price 1.20335
Fundamentals:
9:00am EUR Spanish Unemployment Change
9:55am EUR German Unemployment Change
11:00am EUR CPI Flash Estimate y/y
EUR Core CPI Flash Estimate y/y
7:00pm USD FOMC Member Brainard Speaks
8:00pm USD FOMC Member Daly Speak
Comment: The EUR/USD pair kicked off the new week on a positive note, albeit struggled to capitalize on the move and faced rejection near the 1.2100 mark. The US dollar was back in demand amid a modest rebound in the US Treasury bond yields, which, in turn, was seen as a key factor exerting pressure on the major. The US bond market has been reacting to expectations that a massive US fiscal stimulus, along with the impressive pace of COVID-19 vaccinations would lead to a relatively faster US economic recovery.
Analysis: SCRUM Team
