Analyst
Intraday: Bullish
Preference: Buy position is envisaged if price trades above 0.62794 with take profit at 0.63186.
Alternative scenario: Sell position is envisaged if price trades below 0.62449 with take profit at 0.61969.
No major economic data with direct bearing on the currency pair.
Comment: The buck has seen a major decline due to the negative manufacturing PMI data that came out yesterday, but technically we have seen the instrument go on a 2 day buy binge and we expect the instrument to go further up, so a buy is expected.
Intraday: Bullish
Preference: Buy position is envisaged if price trades above 1.11337 with take profit at 1.11956.
Alternative scenario: Sell position is envisaged if price trades below 1.10830 with take profit at 1.10043.
No major economic data with direct bearing on the currency pair.
Comment: The Buck saw a major fall against the euro as a key manufacturing indicator data came out negative. This data gave a boost to the Eur and made investor pitch more for the euro against the buck. Also, the strength of the Euro is also attributed to the lackadaisical approach of the U.S government towards the coronavirus outbreak in the market.
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