Analyst
Intraday: Bullish
Preference: Buy position is envisaged if price trades above 1.08505 with take profit at 1.08727.
Alternative scenario: Sell position is envisaged if price trades below 1.08340 with take profit at 1.07959.
German Zew Economic Sentiment (EUR) 11:00 am
Comment: The instrument has not been volatile due to the slow fundamentals coming up from both continents, but for today we see that the instrument is oversold on the stochastics, on the daily the instrument formed a Doji which could signal a strong reversal pattern. The data by 11.00 am would determine whether the instrument would fall lower or go higher.
Intraday: Bearish
Preference: Sell position is envisaged if price trades below 0.97978 with take profit at 0.97799.
Alternative scenario: Buy position is envisaged if price trades above 0.98215 with take profit at 0.98263.
No major economic data
Comment: Technically the instrument hit resistance on the 1-hour time frame we expect the instrument to go lower till the 50 Fibonacci levels before it retraces upward, at the moment the instrument is on the 38.2 Fibonacci levels. Since there are fundamentals for both currencies. This instrument would move based on technical.
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