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Instrument: EURUSD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1.22114 with take profit at 1.22256.
Bearish Preference:
Sell position is envisaged if price trades below 1.21846 with take profit at 1.21700.
Fundamentals:
1:30PM USD Prelim GDP q/q
Comment: The dollar edged higher in early European trade Thursday, finding support from comments suggesting the Federal Reserve will soon have to discuss tapering its massive bond-buying program, thus tightening monetary policy. Numerous Fed officials have this week sought to downplay immediate concerns that rising inflationary pressures will force the central bank to tighten monetary policy sooner than its previous guidance would suggest, to the detriment of the dollar.
Analysis: SCRUM Team
