Morning Insights 11th May

Simon Alagbe

Analyst

Instrument: EURJPY

Intraday: Bullish

Technical Analysis

Preference:  Buy position is envisaged if price trades above 116.231 with take profit at 116.733

Alternative scenario: Sell position is envisaged if price trades below 115.881 with take profit at 115.038

Fundamentals:

No major economic data expected today

Comment: The common currency is envisaged to continue its recent recovery against the Yen in the session today owing to the sharpening of risk sentiments among investors as global economies continue on its way to recovery.





Instrument: EURUSD

Intraday: Bearish

Technical Analysis

Preference: Sell position is envisaged if price trades below 1.08420 with take profit at 1.07936

Alternative scenario:  Buy position is envisaged if price trades above 1.08522 with take profit at 1.08862

Fundamentals:

No major economic data expected today

Comment: The pair recovered slightly on opening but was stalled by the 200 Exponential Moving Average acting as a resistance. The dollar is envisaged to be strengthened by the re-opening of economies around the world raising hope of a quicker than expected recovery of the global economy.

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