Instrument: EURUSD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1.05838 with take profit at 1.06026
Bearish Preference:
Sell position is envisaged if price trades below 1.04966 with take profit at 1.04764
Fundamentals:
9:45am USD Flash Manufacturing PMI
USD Flash Services PMI
3:00pm USD Fed Chair Powell Testifies
Comment:
The U.S. dollar edged higher in early European trade Thursday, stabilizing after earlier losses as growing recession worries resulted in Treasury yields retreating. The dollar has slipped from that peak as markets have become increasingly concerned that the Fed’s attempt to curb historically high inflation with aggressive monetary tightening will result in a recession. Fed Chair Jerome Powell added to these concerns on the first day of his two-day testimony to Congress, stating that while it wasn’t what the central bank policy makers were aiming for, a recession was “certainly a possibility” as they attempted to bring prices under control.
Analysis: SCRUM Team