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Instrument: EURUSD
Technical Analysis
Bullish Preference:
A Buy position is envisaged if price trades above 0.99579 with take profit at 0.99902
Bearish Preference:
A Sell position is envisaged if price trades below price 0.99008 with take profit at 0.98616
Fundamentals:
2:45 PM Flash Services PMI
Comment:
The dollar marched to a new 20-year high as the euro slumped again with the prospect of an energy-driven recession in the second half of the year looming ever larger. The euro fell as low as $0.9902 before paring losses, after figures suggesting that the key German manufacturing sector held up better than expected in August as supply chain bottlenecks eased. However, that didn’t stop the composite purchasing managers indices of both Germany and France slipping into contraction territory. S&P’s manufacturing PMI for Japan also fell to its lowest level since February 2021.
Analysis: SCRUM Team
