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Instrument: EURUSD
Technical Analysis
Bullish Preference:
A Buy position is envisaged if price trades above 1.01002 with take profit at 1.01110.
Bearish Preference:
A Sell position is envisaged if price trades below price 1.00685 with take profit at 1.00526.
Fundamentals:
None with high impact.
Comment:
The U.S. dollar rose to a new one-month high in early European trade as Federal Reserve policymakers pointed to further aggressive interest rates ahead in the battle to tame soaring inflation. While the renewed inflation concerns of the Euro will increase the pressure on the European Central Bank to lift interest rates once more in September, this is not helping the single currency as investors appear to be more concerned about the risks of recession.
Analysis: SCRUM Team
