Instrument: EURUSD
Technical Analysis
Bullish Preference:
A buy position is envisaged if price trades above price 1.21168 with take profit at price 1.21305.
Bearish Preference:
A sell position is envisaged if price trades below price 1.20832 with take profit at price 1.20700.
Fundamentals:
EUR Zone 9AM: German ifo Business Climate
Comment: EUR/USD appears to be stuck in a narrow range as the European Central Bank (ECB) retains the current course for monetary policy, but the failed attempt to test the March high (1.2113) may push the exchange rate back within the descending channel from earlier this year as the Governing Council remains in no rush to switch gears.
More so, As a result, the Federal Open Market Committee (FOMC) rate decision may do little to influence the near-term outlook for EUR/USD as Vice Chair Richard Clarida insists that “policy will not tighten solely because the unemployment rate has fallen below any particular econometric estimate of its long-run natural level.
Analysis: SCRUM Team
