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Intraday: Bearish
Technical Analysis
Preference:
A Sell position is envisaged if price trades below 1.08420 with take profit at 1.07936
Alternative scenario:
Buy position is envisaged if price trades above 1.08522 with take profit at 1.08862
Fundamentals:
No major economic data expected today
Comment: The pair recovered slightly on opening but was stalled by the 200 Exponential Moving Average acting as a resistance. The dollar is envisaged to be strengthened by the re-opening of economies around the world raising hope of a quicker than expected recovery of the global economy.
Analysis: SCRUM Team
