Preference: Buy position is envisaged if price trades above 123.740 with take profit at 123.964.
Alternative scenario: Sell position is envisaged if price trades below 123.502 with take profit at key level 123.263.
No economic data with direct bearing on the pair
Comment: Technically on the weekly time frame we can this instrument testing the 200 MA previous weeks without success in breaking it. There are no fundamentals coming up today to push price above the 200 MA, so we expect price to range between support and resistance zones.
Preference: Buy position is envisaged if price trades above 1.17225 with take profit at key level 1.17616.
Alternative scenario: Sell position is envisaged if price trades below 1.16784 with take profit at 1.16393.
CB Consumer Confidence (US) 3:00 PM
Comment: The division in the US senate on what should be included in the Latest COVID -19 stimulus package has created a sense of pessimism from investors on the dollars, as investors worry that the passage of the stimulus might come at a later time. While the euro has seen progress in their financial affairs, after passing a post-COVID stimulus package.
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