Instrument: EURUSD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 0.97824 with take profit at 0.98043
Bearish Preference:
Sell position is envisaged if price trades below 0.97445 with take profit at 0.97253
Fundamentals:
3:00pm USD ISM Services PMI
Comment:
Fed Decision, ADP, Zhengzhou Lockdown The U.S. Federal Reserve is expected to raise its key interest rate by another 75 basis points in its efforts to bring down inflation, amid hopes that Fed Chair Jerome Powell will signal a slower pace of monetary policy tightening at future meetings. ADP releases its estimate of private sector hiring in October, a day after a mixed report on Job Openings from the Labor Department. Europe’s PMIs continue to fall further into contractionary territory as the world’s biggest shipping line warns that the pandemic party is finally over. And Zhengzhou, home to the world’s largest iPhone assembly line, is locking down for a week, pouring cold water on a rumored relaxation of China’s Zero-COVID strategy.
Analysis: SCRUM Team