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Instrument: EURUSD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1.02969 with take profit at 1.03050
Bearish Preference:
Sell position is envisaged if price trades below 1.02710 with take profit at 1.02611
Fundamentals:
3:00pm USD Prelim UoM Consumer Sentiment
Comment:
The dollar recorded its biggest decline in five months following the report as traders readjusted their forecasts to factor in the chance that inflation may have peaked. Fed funds futures traders are now pricing in a 58% chance of a 50-basis-point hike in September and a 42% chance of a 75-basis-point increase.
Analysis: SCRUM Team
