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Instrument: EURUSD
Technical Analysis
Bullish Preference:
A Buy position is envisaged if price trades above 1.15914 with take profit at 1.16047.
Bearish Preference:
A Sell position is envisaged if price trades below price 1.15627 with take profit at 1.15494.
Fundamentals:
USD 1:30PM Unemployment Claims
3PM Fed Chair Powell Testifies
Comment: We are facing some serious fundamental threats in the broader financial market at the moment. Despite its retreat from the headlines, the Evergrande situation is far from resolved while the Fed commentary continues to support a move towards taper at its next meeting. Retail trader data shows 69.90% of traders are net-long with the ratio of traders long to short at 2.32 to 1. Our data shows traders are now at their most net-long EUR/USD since Aug 11 when EUR/USD traded near 1.17.
Analysis: SCRUM Team
