Instrument: EURUSD+
Technical Analysis
Bullish Preference:
A Buy position is envisaged if the price trades above 1.07607 with take profit at 1.07387
Bearish Preference:
A Sell position is envisaged if the price trades below 1.06893 with take profit at 1.06769
Fundamentals:
2:30pm USD Core PPI m/m
USD PPI m/m
Comment:
Dollar retreats from six-week high; data deluge eyed. The U.S. dollar edged lower in early European trade Thursday, handing back some of the previous session’s gains after better-than-expected U.S. retail sales pointed to more interest rate hikes by the Federal Reserve. U.S. retail sales rebounded sharply in January after two straight monthly declines, rising 3.0% on the month compared with December’s 1.1% fall, data showed Wednesday. This, adding to the stronger than expected U.S. consumer inflation earlier in the week, was seen as largely cementing the case that the Fed still has further to go in tightening rates.
Analysis: SCRUM Team
