Morning Insights 19th February

Simon Alagbe

Analyst

Instrument: EURUSD

Intraday: Bullish

Technical Analysis

Preference:  Buy position is envisaged at current price with take profit at 1.08137.

Alternative scenario:  sell if price trades below 1.07903 with take profit at 1.07554.

Fundamentals:

FOMC Minutes (US) 8 PM

Comment: it is going to be a quiet day ahead on the economic data later in the day. There are no material stats due out of the Eurozone to provide the EUR with direction. A lack of stats will likely cause a pull back on the EUR pending further fundamentals in the coming days.



Instrument: US.30.

Intraday: Bullish

Technical Analysis

Preference: Buy position is envisaged at current price with take profit at 29347.

Alternative scenario:  sell if price trades below 29222 with take profit at 29140.

Fundamentals:

FOMC Minutes 8 PM (US)

Comment: U.S. stocks ended mostly lower Tuesday, dragged down after tech giant Apple Inc. warned a day earlier than it wouldn't hit its sales target for the current quarter because the spread of COVID-19 in China was affecting the production of and demand for its iPhones.  U.S30 seems to be recovering from yesterday's fall and is expected to get to the nearest resistance

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