Instrument: EURUSD+
Technical Analysis
Bullish Preference:
A Buy position is envisaged if the price trades above 1.36254 with take profit at 1.36427
Bearish Preference:
A Sell position is envisaged if the price trades below 1.35879 with take profit at 1.35688
Fundamentals:
4:00pm USD ISM Manufacturing PMI
Comment:
The dollar has been on a tear this month as stronger-than-expected economic data, including hot inflation numbers, pointed to the U.S. Federal Reserve raising interest rates further and keeping them high for longer than previously envisaged. “We have learned that U.S. inflation is proving much stickier and U.S. activity firmer than we were led to believe in December and January,” said analysts at ING, in a note. “Understandably, investors are now taking the Federal Reserve hawks more seriously and have priced three more 25bp rate hikes from the Fed in March, May, and June.”
Analysis: SCRUM Team
