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Instrument: EURUSD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1.01619 with take profit at 1.01818
Bearish Preference:
Sell position is envisaged if price trades below 1.01076 with take profit at 1.00816
Fundamentals:
1:30pm USD Core Durable Goods Orders m/m
3:00pm USD Pending Home Sales m/m
Comment:
The dollar moved slightly lower on Wednesday, as traders gear up for a crucial Federal Reserve policy decision scheduled for later in the day. Investors are waiting to see the extent the U.S. central bank will go to combat inflation, as concerns remain that aggressive Fed rate hikes will instead weigh on growth. Policymakers are mulling over consumer prices running at 40-year highs, along with a recent batch of weak economic data. On Tuesday, U.S. consumer confidence tumbled to its lowest mark in almost a year and a half, while new home price growth and sales of new houses both slowed.
Analysis: SCRUM Team
