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Instrument: EURUSD
Bullish Preference:
A buy position is envisaged if the price trades above 1.06154 with take profit at 1.06265
Bearish Preference:
A sell position is envisaged if the price trades below 1.05929 with take profit at 1.05834
Fundamentals:
No Fundamental News
Comment:
Bank of England likely to maintain interest rate amid inflation crisis.
The Bank of England (BoE) is expected to keep its interest rate steady at 5.25%, as the UK grapples with stubborn inflation, a cost-of-living crisis, and rising oil prices due to the Israel-Hamas conflict. This decision aligns with similar actions taken by the Federal Reserve in the US and the European Central Bank in the eurozone, both aimed at managing their respective economies amid global financial pressures.
While in the US, shares and bonds extended a global rally on Thursday as a non-committal Federal Reserve chief had markets double down on bets that U.S. interest rates have peaked and cuts are on the way.
Analysis: SCRUM Team
