Instrument: EURUSD
Bullish Preference:
Buy position is envisaged if price trades above 1.07116 With take profit at 1.07168
Bearish Preference:
Sell position is envisaged if price trades below 1.07012 with Take profit at 1.06958
Fundamentals:
2:30PM USD:Core CPI m/m
Comment:
The U.S. Bureau of Labor Statistics will release consumer price index numbers on Tuesday morning. With the Federal Reserve hypersensitive to incoming information and cognizant of upside inflation risks, the latest CPI report will carry additional weight in the eyes of financial markets. This could mean more volatility for gold prices, EUR/USD, and the Nasdaq 100 in the trading sessions ahead.
In terms of estimates, headline CPI is forecast to have risen 0.1% on a seasonally adjusted basis in October. This should push the annual rate to 3.3% from 3.7% previously. Meanwhile, the core gauge, which excludes food and energy, is seen rising 0.3% in monthly terms, with the 12-month related reading unchanged at 4.1%.
Analysis: SCRUM Team