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Instrument: EURUSD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1.04968 with take profit at 1.05197
Bearish Preference:
Sell position is envisaged if price trades below 1.04228 with take profit at 1.04010
Fundamentals:
PPI m, Ccre PPI
Comment:
European stock markets edged higher Tuesday, rebounding after the previous session’s plunge, but concerns remain that aggressive monetary tightening will stunt economic growth in the region. By 3:50 AM ET (0750 GMT), the DAX in Germany traded 0.8% higher, the CAC 40 in France rose 0.3%, and the UK’s FTSE 100 climbed 0.5%. European equities closed sharply lower Monday, following the global trend after last week’s hot U.S. inflation report nixed hopes that price rises were peaking. This was seen as increasing the chances that the Federal Reserve, which announces its latest rate decision on Wednesday, will continue its aggressive monetary tightening for longer than already priced in.
Analysis: SCRUM Team
