Instrument: EURUSD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1.02593 with take profit at 1.02739
Bearish Preference:
Sell position is envisaged if price trades below 1.02088 with take profit at 1.01915
Fundamentals:
No Major Fundamental
Comment:
The euro moved higher against the dollar on Monday, recovering from earlier losses, as investors weighed the potential size of an expected Federal Reserve interest rate later this week. On Wednesday, the U.S. central bank is widely expected to hike by at least 75 basis points with inflation remaining elevated. The FOMC statement and accompanying press conference by Fed Chair Jerome Powell will also be studied carefully as the market tries to gauge the possibility this aggressive tightening will plunge the world’s largest economy and major global growth driver into recession.
Analysis: SCRUM Team
