Morning Insights 20th August

Simon Alagbe


Instrument: EURUSD

The tone on the Greenback has been positive after the Federal Reserve hint they will cut back on the stimulus package necessitated by the pandemic. The general market condition remains cautious because of the highly transmissible delta variant of the novel virus, prompting concerns that the global economic recovery might take longer than earlier envisaged. The focus of traders is now on the Federal Reserve symposium at Jackson Hole slated to begin next week on Thursday.


The pair is trading around the 1.16688 verified support zone and is expected to get rejected from that level with a target at 1.18830 and stop-loss at 1.15841


No major economic data is expected to be released today.

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