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Instrument: EURUSD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1.09701 with take profit at 1.09883.
Bearish Preference:
Sell position is envisaged if price trades below 1.09378 with take profit at 1.09215.
Fundamentals:
No major fundamental
Comment:
An interesting open to the trading week for EUR/USD, after a grim backdrop from both geopolitical and economic spheres. Euro strength is largely attributed to dollar weakness despite U.S. Treasury yields edging higher as markets expect a Fed rate hike on Wednesday later this week. Inflation pressures are rising which the Fed will need to address in the post-announcement press conference despite the war in Ukraine which has added to these upside stresses. Money markets are almost fully pricing in a 25bps interest rate hike leaving most of the attention on the press conference.
Analysis: SCRUM Team
