EURO - Weak Bearish 1️⃣ Pressured by negative sentiment in the Eurozone. 2️⃣ Concerns about the spread of COVID-19 variant Delta in the region. 3️⃣ In August 2021, ZEW economic sentiment in the Eurozone fell by 18.5 points to 48.7 from the previous month’s 61.20. 4️⃣ The IHS Markit Eurozone Manufacturing PMI edged down to 61.5 in August of 2021 from 62.8 in July, and compared to market forecasts of 62, preliminary estimates showed. 5️⃣ The German IFO business climate is forecast to deteriorate, following a decline in German ZEW sentiment.
AUD - Weak Bullish 1️⃣ Recovered from a massive sell-off last week after Fed Officer Robert Kaplan considered delaying a reduction in Fed stimulus. 2️⃣ A positive market environment benefits high-beta currencies such as the AUD.
===== Technical =====
We are selling the EURAUD after it breaks SBR.
===== Risk to this trade =====
Any change in sentiment could turn the pair's direction.