Morning Insights 8th December

Simon Alagbe

Analyst


 Instrument: EURUSD

The pair got rejected from the 1.2228 support zone in yesterday's session after the greenback surrendered some of its early morning gains but closed bearish. The dollar index that tracks the strength of the Greenback against major currencies closed below a key support zone underpinned by the softer Treasury yields with the common currencies benefiting from positive economic data. The positive GDP data and Economic Sentiment from Germany (Bloc's powerhouse) and the entire bloc's data further supported a move to the upside.



Technicals 

The pair is trading around the 1.1294 resistance zone, a level that rejects price in yesterday's session and is expected to push price to the downside with a stop loss above the resistance zone at 1.13045 with take profit at 1.12540


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