Instrument: EURUSD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1.09230 with take profit at 1.09328
Bearish Preference:
Sell position is envisaged if price trades below 1.08977 with take profit at 1.08854
Fundamentals:
1:30pm USD Core Retail Sales m/m
USD Retail Sales m/m
USD Unemployment Claims
Comment:
The European Central Bank (ECB) meeting could shape up to be a very meaningful one for EUR/USD. A more hawkish ECB could help to reinforce a bottoming phase in the pair around 1.08, economists at TD Securities report, 1.0950/60 will be a notable resistance marker for EUR/USD “While we still think that EUR/USD has some kinks to iron out early this quarter as trade flows are re-oriented to reflect a shift in commodity channels, a more hawkish ECB could help to reinforce a bottoming-phase in EUR/USD around 1.08. This will require evidence of a topping out in US inflation, which we may have received the first read of earlier this week.
Analysis: SCRUM Team
