Instrument: EURUSD
Bullish Preference:
A buy position is envisaged if price trades above 1.07866 with take profit at 1.08017
Bearish Preference:
A sell position is envisaged if price trades below 1.07449 with take profit at 1.07272
Fundamentals:
2:30pm
USD Unemployment Claims
Comment:
The EUR/USD pair attracts some buyers in the vicinity of mid-1.0700s, or its lowest level since November 14 touched earlier this Thursday and for now, seems to have snapped a six-day losing streak.
The recent dovish rhetorics from European Central Bank (ECB) officials might hold back traders from placing fresh bullish bets around the shared currency. ECB board member Isabel Schnabel said on Tuesday that the central bank can take further rate hikes off the table given a remarkable fall in inflation and lifted rate cut bets.
The USD pullback from a two-week high touched on Wednesday could be attributed to some profit-taking on the back of dovish Federal Reserve (Fed) expectations. Economists expect the number of Americans who filed for first-time unemployment aid came in at seasonally-adjusted 222,000 last week. This would mark an uptick from 218,000 for the week ended on Nov. 25.
Analysis: SCRUM Team