Instrument: EURUSD
Technical Analysis
Bullish Preference:
A Buy position is envisaged if the price trades above 1.08324 with take profit at 1.08469
Bearish Preference:
A Sell position is envisaged if the price trades below 1.08134 with take profit at 1.08043
Fundamentals:
No major fundamental affecting the instrument.
Comment:
The U.S. dollar edged lower in early European trade Thursday, continuing its recent selloff after weak U.S. economic data hinted at an upcoming recession, providing more arguments for the Federal Reserve to slow down its aggressive interest rate increases. The dollar has fallen by more than 10% since peaking in late September, after a rally sparked by aggressive tightening throughout much of 2022. This selling continued Wednesday after U.S. retail sales fell by the most in a year in December and manufacturing output recorded its biggest drop in nearly two years, stoking fears that the world’s largest economy is headed for a recession.
Analysis: SCRUM Team