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Instrument: EURUSD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1.10125 with take profit at 1.10337.
Bearish Preference:
Sell position is envisaged if price trades below 1.09912 with take profit at 1.09685.
Fundamentals:
1:30pm USD PPI m/m
Comment: The pair’s latest run-up could be linked to the US dollar’s pullback amid hopes of overcoming the Ukraine-Russia crisis by May. EUR support ahead would likely emerge from an easing of the Russia-Ukraine conflict, a possible Iran nuclear deal or OPEC output surprise that helps to stabilize energy prices, a shift towards more positivity on the euro area growth outlook, and increased expectations of ECB monetary policy normalization (a hike in December goes ahead).
Analysis: SCRUM Team
