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Instrument: EURUSD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1.19239 with take profit at 1.19368.
Bearish Preference:
Sell position is envisaged if price trades below 1.19098 with take profit at 1.18948
Fundamentals:
1:30pm USD Core Retail Sales m/m
USD Retail Sales m/m
3:00pm USD Business Inventories m/m
Comment: Monday’s rebound came ahead of the Federal Reserve’s Tuesday-Wednesday monthly meetings for March, and before the central bank’s chairman Jay Powell holds his all-important post-meeting news conference.
The Fed’s policy statement itself is expected to leave U.S. interest rates unchanged again, at near zero, as it has over the past year since the outbreak of the coronavirus pandemic.
But expectations are also high that Powell will express some concern at least over this year’s stunning selloff in Treasury markets, which has consistently led the yield on the 10-year Treasury note to hit pre-pandemic highs above 1.6% over the past month, the latest being on Friday.
Analysis: SCRUM Team
