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Daily Market Analysis 09/07/2021: EURUSD

Instrument: EURUSD

Technical Analysis

Bullish Preference: 
Buy position is envisaged if price trades above 1.18509 with take profit at 1.18625.
Bearish Preference: 
Sell position is envisaged if price trades below 1.18232 with take profit at 1.18131.
Fundamentals:
11:00 am EUR    ECB President Lagarde Speaks
All Day        G20 Meetings

Comment: The dollar pushed higher in early European trade Friday with the safe haven benefiting from investors becoming more risk averse on concerns of the global economic recovery as Covid-19 cases surge again. Concerns have been growing that the fast-spreading delta variant of the Covid-19 virus could hamper a global economic revival that is already showing pockets of weakness. These worries resulted in the benchmark 10-year U.S. Treasury yield falling to its lowest in nearly five months at 1.25% late Thursday, pressuring the dollar, but has since rebounded to 1.34%. It was as high as 1.54% just two weeks ago.

Analysis: SCRUM Team

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