Daily Market Analysis 17.05.2023: EURUSD+

Instrument: EURUSD+

Technical Analysis

Bullish Preference: 
A buy position is envisaged if price trades above 1.08768 with take profit at 1.08904
Bearish Preference: 
A sell position is envisaged if price trades below 1.08290 with take profit at 1.07927
No high-impact fundamental affecting the instrument  

The U.S. dollar traded higher in early European hours Wednesday following hawkish comments from a number of Fed officials and with the debt ceiling standoff in Washington continuing. The greenback has benefited of late from the uncertainty surrounding the potential for a U.S. default if a deal to lift the country’s borrowing limit is not done. President Joe Biden met with Republican House of Representatives Speaker Kevin McCarthy on Tuesday, and although encouraging noises about the likelihood of a deal emerged from the get-together, nothing was decided.

Source: Investing.com

Analysis: SCRUM Team

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