Daily Market Analysis 28.09.2023: EURUSD

Instrument: EURUSD

Bullish Preference: 
A Buy position is envisaged if the price trades above 1.05263 with take profit at 1.05481.
Bearish Preference: 
A Sell position is envisaged if the price trades below 1.04859 with take profit at 1.04579.
All Day EUR German Prelim CPI m/m
8:00AM EUR Spanish Flash CPI y/y
USD Final GDP q/q
USD Unemployment Claims
USD Fed Chair Powell Speaks 

Inflation in North Rhine-Westphalia, the most populous state in Germany, experienced a significant drop from 5.9% in August to 4.2% in September. This decrease reflects national economic forecasts and is seen as a positive development by officials at the European Central Bank (ECB).
Earlier concerns about potential economic uncertainties possibly leading to further rate hikes have been eased by this trend. The inflation drop is likely to alleviate pressure on the ECB to tighten monetary policy, which is typically done through rate increases.

Analysis: SCRUM Team

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