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Instrument: EURUSD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1.16059 with take profit at 1.16125.
Bearish Preference:
Sell position is envisaged if price trades below 1.15824 with take profit at 1.15736.
Fundamentals:
1:30pm USD Core Durable Goods Order
Comment: EUR/USD has been moving up and down in a tight channel around 1.1600 since Tuesday with investors gearing up for the European Central Bank’s (ECB) policy announcements and high-tier data releases from the US. Although the ECB is widely expected to leave its key rates unchanged on Thursday, President Christine Lagarde could battle against the market pricing of a 10 basis points rate hike by next summer.
Analysis: SCRUM Team
