Instrument: EURUSD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1.07188 with take profit at 1.07356
Bearish Preference:
Sell position is envisaged if price trades below 1.06529 with take profit at 1.06382
Fundamentals:
USD 1:30pm Core Durable Goods Orders m/m
Durable Goods Orders m/m
7:00pm FOMC Meeting Minutes
Comment:
The U.S. dollar index hit nearly a one-month low on Tuesday after European Central Bank President Christine Lagarde said euro zone interest rates will likely be in positive territory by the end of the third quarter, giving the euro a boost. Lagarde’s comments implied an increase of at least 50 basis points to the ECB deposit rate and fueled speculation of bigger hikes this summer to fight a surge in inflation tied to rising energy prices caused by the war in Ukraine and massive public-sector stimulus after the onset of the coronavirus pandemic.
Analysis: SCRUM Team
