Analyst
Intraday: Bullish
Preference: Buy position is envisaged if price trades above 1722.86 with take profit at 1746.22
Alternative scenario: Sell if price trades below 1705.06 with take profit at 1690.04
Unemployment Claims (USD) 1:30pm
Flash Manufacturing PMI (USD) 2:45 pm
Comment: The past few weeks have witnessed a tremendous gain on the precious metal gold; Due to the fear of countries running into a recession fueled by COVID, investors believe it to be right to pump their money into the precious metal. Gold has gone up to the $1700 level and analysts are confident it will move upwards to the $1800 level; Hence, a bullish stance is being envisaged.
Intraday: Bearish
Preference: Sell if price trades below 1.08121 with take profit at 1.07840
Alternative scenario: Buy position is envisaged if price trades above 1.08355 with take profit at 1.08529
French Flash Services PMI (EU) 8:15 am
French Flash Manufacturing PMI (EU) 8:15 am
German Flash Manufacturing PMI (EU) 8:30 am
German Flash Services PMI (EU) 8:30 am
Unemployment Claims (USD) 1:30pm
Flash Manufacturing PMI (USD) 2:45 pm
Comment: The major take from the COVID 19 effect is, almost every country will slip into a recessionary period post-COVID and most investors would look for the country that would recover faster to save their money. Hence, more investors see the dollar as a safe haven. The EU itself hasn't figured out the relief needed for its citizens during this pandemic. This pair is envisaged to continue trading bearish today
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