Analyst
Bearish Preference: Sell position is envisaged if price trades below 1.21016 with take profit at 1.20800
Bullish Preference: Buy position is envisaged if price trades above 1.21184 with take profit at 1.21304
No major economic data with bearing on the pair
Comment: The pair look set for further gains in the session today after the 1.20550 support region firmly supported it. The testimony of the Janet Yellen, Secretary of the Treasury nominee before the Senate Finance committee where she is expected to lend support to the $1.9 trillion relief plan would provide further insight to the strength of the Greenback.
Bearish Preference: Sell position is envisaged if price trades below 1834.54 with take profit at 1823.80
Bullish Preference: Buy position is envisaged if price trades above 1846.27 with take profit at 1858.60
No Major Fundamentals
Comments: Gold was up on Tuesday morning in Asia, climbing back up from the one-and-a-half-month low seen during the previous session, as hopes for further stimulus measures to boost economic recovery from COVID-19 countered a firmer dollar. Investors await comments from Secretary of the Treasury nominee Janet Yellen, on U.S. stimulus measures, she will testify before the Senate Finance Committee and will probably touch on topics ranging from foreign-exchange policy to taxes. She is also expected to tell the committee that the government must “act big” with its next COVID-19 relief package.
Bearish Preference: Sell position is envisaged if price trades below 13874.8 with take profit at 13868.5
Bullish Preference: Buy position is envisaged if price trades above 13971.5 with take profit at 13982.5
German Final CPI m/m (EUR) 8:00 am
German ZEW Economic sentiment (EUR) 11: 00 am
ECOFIN Meetings (All-day)
Comments: Germany stocks were higher after the close on Monday, as gains in the Consumer & Cyclical, Technology and Retail sectors led shares higher, Global stock markets still remains on a short as soaring COVID-19 cases offset investor hopes of a quick economic recovery globally, and not reassured by healthy-looking Chinese economic growth. Data showing that only the Chinese economy rebounded faster-than-expected in the fourth quarter of 2020.
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