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Instrument: EURUSD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1.19468 with take profit at 1.19647.
Bearish Preference:
Sell position is envisaged if price trades below 1.19050 with take profit at 1.18895.
Fundamentals:
9:00 AM EUR German ifo Business Climate
ECB Economic Bulletin
Comment: The dollar edged marginally higher in early European trade Thursday, as traders digested diverse opinions from Federal Reserve policymakers over the likely timing of the withdrawal of monetary stimulus. The greenback received some support on Wednesday after Atlanta Fed President Raphael Bostic and Fed Governor Michelle Bowman said the recent surge in consumer prices may well be temporary in nature, but it will take longer than currently expected to disperse. Bostic said he is now looking for growth of 7% in 2021 and inflation for the year to be 3.4%, and with this in mind, he expects the Fed’s benchmark interest rate will need to increase in the latter half of next year.
Analysis: SCRUM Team
