Analyst
Bearish Preference: Sell position is envisaged if price trades below 1.17926 with take profit at 1.17694.
Bullish Preference: Buy position is envisaged if price trades above 1.18098 with take profit at 1.18293.
Core Durable Goods Orders m/m
Comment: The buck has seen steady rise in price and we can attribute that to the rise in COVID-19 cases in Europe. A month ago the ECB stated that they are prepared to handle a second wave COVID come this fall, but figures from Europe shows that the zone has been overwhelmed by this second wave and investors are now taking a second guess on investing in the EUR at the moment, this current bearish sentiment on the EUR should be seen as temporal as technical analysis has shown the instrument would be bullish in the long term.
Bullish Preference: Buy position is envisaged if price trades above 1.31886 with take profit at 1.32154.
Bullish Preference: Sell position is envisaged if price trades below 1.31629 with take profit at 1.31190.
Core Durable Goods Orders m/m
Comment: The instrument has seen a steady rise because of the drag in the price of oil and price just touched the 50EMA on the H1 where we expect price to bounce up. This 50EMA has served as a strong level to price, if price stays above this EMA we should expect a bullish move, and If price breaks below, it's advisable to look for a bearish entry.
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