Instrument: EURUSD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1.03960 with take profit at 1.04099.
Bearish Preference:
Sell position is envisaged if price trades below 1.03517 with take profit at 1.03401 .
Fundamentals:
2:30pm USD: Empire State Manufacturing Index
Comment:
The Euro continues to threaten to make a new 3-month peak against the US Dollar as currency markets pause somewhat. This is in the aftermath of last week’s US CPI and while the G-20 in Bali gets underway today. The Euro was aided by comments from Federal Reserve Vice Chair Lael Brainard overnight. She hinted that the pace of the Fed’s hiking program might need to slow at some time ‘soon’. At the same time, she also made it clear that there was still some work to do in terms of the Fed’s fight on inflation.
Analysis: SCRUM Team