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Instrument: EURUSD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1.17277 with take profit at 1.17407.
Bearish Preference:
Sell position is envisaged if price trades below 1.16992 with take profit at 1.16837.
Fundamentals:
1:30pm USD CPI m/m
USD Core CPI m/m
Comment: The dollar strengthened in early European trading Wednesday, extending recent gains ahead of U.S. inflation data which could influence Federal Reserve’s tapering thinking. Friday’s official U.S. jobs report impressed, with nonfarm payrolls rising by 943,000 in July and numbers for May and June also being revised higher. Now, the attention turns to the second leg of the Fed’s dual mandate, with the consumer price index for July due out from the Bureau of Labor Statistics.
Analysis: SCRUM Team
