Instrument: EURUSD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1.00505 with take profit at 1.00632
Bearish Preference:
Sell position is envisaged if price trades below price 0.99958 with take profit at 0.99820
Fundamentals:
1:30pm USD PPI m/m
Comment:
The U.S. dollar surged higher in early European trade Thursday, continuing its seemingly relentless march higher on the back of expectations of further hefty rate hikes by the Federal Reserve after the release of the latest red-hot inflation data. The gains followed Wednesday’s release of the June U.S. CPI, which soared 9.1% year-on-year, climbing to a new four-decade high.
Analysis: SCRUM Team