Instrument: EURUSD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1.21925 with take profit at 1.22053.
Bearish Preference:
Sell position is envisaged if price trades below 1.21746 with take profit at 1.21655.
Fundamentals:
None with high impact on the pair.
Comment: The dollar clung to marginal gains in early European trade Wednesday, but volatility was limited with traders awaiting upcoming U.S. inflation data and an ECB meeting for clues about future central bank policy.
The dollar has been on a downtrend for much of the last year, but investors are starting to get nervous that rampant inflation could force the Federal Reserve to taper back its ultra easy monetary policies earlier than previously guided. This would result in rising interest rates and a more buoyant greenback.
Analysis: SCRUM Team