Daily Market Analysis 06.09.2022: EURUSD

Instrument: EURUSD

Technical Analysis

Bullish Preference:  
A buy position is envisaged if price trades above 0.99588 with take profit at  0.99842
Bearish Preference: 
A sell position is envisaged if price trades below price 0.99069 with take profit at 0.98870
2:45pm USD    Final Services PMI
3PM      USD    ISM Services PMI

At 03:05 ET (07:05 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, traded 0.1% higher at 109.580, after having climbed as high as 110.270 on Monday, the highest level in 20 years. The dollar came off its recent highs on Monday, with the U.S. on holiday, but the currency remains in demand on expectations that the Federal Reserve will continue with its aggressive monetary tightening later this month, with solid labor market data giving the policymakers greater license to try and rein in inflation at 40-year highs. Futures markets have priced in a more than 50% chance the Fed will hike by 75 basis points at its September policy meeting. This dollar strength is best illustrated Tuesday against the Japanese yen, with U.S. monetary policy tightening seen widening the gap with Japan’s stubbornly low-interest rates.

Analysis: SCRUM Team

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