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Instrument: EURUSD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1.13866 with take profit at 1.14021.
Bearish Preference:
Sell position is envisaged if price trades below 1.13491 with take profit at 1.13321.
Fundamentals:
2:30pm USD Core Retail Sales m/m
USD Retail Sales m/m
3:15pm USD Industrial Production m/m
Comment: Gains are likely to be limited in Europe Tuesday as the continent has again become the epicenter of the Covid pandemic. This is prompting some countries to consider following the lead of Austria and the Netherlands and reintroducing restrictions in the run-up to Christmas. Also worthwhile to know that the dollar held near a 16-month peak against the euro ahead of U.S. retail sales data that could influence the outlook for interest rates. U.S. retail sales today are the big watch to gauge if demand is resilient amid inflation.
Analysis: SCRUM Team
