Instrument: EURUSD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1.02511 with take Profit at 1.02633
Bearish Preference:
Sell position is envisaged if price trades below 1.02261 with take Profit at 1.02114
Fundamentals:
1:30pm USD Empire State Manufacturing Index
Comment:
European stock markets are expected to open in a mixed fashion Monday, starting the week on a cautious note amid concerns about slowing global growth after weak Chinese economic data. The European Central Bank raised interest rates by a half-point in July and is expected to do the same in September, even though the risk of a Eurozone recession has reached the highest level since November 2020 as energy shortages threaten to drive already record inflation higher still.
Analysis: SCRUM Team