Morning Insights 25th March

Simon Alagbe


Instrument: EURUSD

Intraday: Bullish

Technical Analysis

Preference: Buy if price trades above 1.08327 with take profit at 1.08703

Alternative scenario: Sell position is envisaged if price trades below 1.07843 with take profit at 1.07487.


German Final Ifo Business Climate (EUR) 10 am 

Comment: Increased calls of the US Senators near to agreeing on the much-awaited coronavirus (COVID-19) aid package seems to have dragged the US dollar off-late. Also negatively affecting the greenback’s demand were the Fed’s unlimited Quantitative Easing (QE) and a ray of hope from Italy after the latest virus numbers show fading strength of pandemic.

Instrument: USDCAD

Intraday: Bullish

Technical Analysis

Preference:  Buy if price trades above 1.44054 with take profit at 1.44633

Alternative scenario: Sell if price trades below 1.43170 with take profit at 1.42576


No Fundamental data available on this pair

Comment:  Bloomberg reported that 929,000 Canadians applied for unemployment benefits last week. When compared to 27,000 applications reported for the same time last year, this number reflects the drastic negative impact the coronavirus outbreak is having on the Canadian economy. Also, USDCAD seems to be on strong support from which it is expected to bounce up.

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