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Instrument: EURUSD
Bullish Preference:
A Buy position is envisaged if the price trades above 1.07439 with take profit at 1.07551
Bearish Preference:
A Sell position is envisaged if the price trades below 1.07329 with take profit at 1.07193
Fundamentals:
1:15pm
EUR Main Refinancing Rate
EUR Monetary Policy Statement
1:30pm
USD Core PPI m/m
1:45pm
EUR ECB Press Conference
Comment:
The U.S. dollar edged lower in early European trade Thursday after the U.S. inflation release, while the euro climbed from recent lows ahead of the European Central Bank’s eagerly-awaited rate-setting meeting.
However, expectations have since moved more towards a tenth consecutive interest rate hike after a Reuters report, released earlier this week, indicated that the ECB policymakers expect inflation in the 20-nation eurozone to remain above 3% next year. This is well above its 2% medium-term target.
Analysis: SCRUM Team
