Instrument: EURUSD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1.01572 with take profit at 1.01818
Bearish Preference:
Sell position is envisaged if price trades below 1.01146 with take profit at 1.00816
Fundamentals:
3:00 pm USD: CB Consumer Confidence
Comment:
The EUR/USD had a mixed performance on Monday in midday trading, oscillating between small gains and losses near 1.0210 amid conflicting forces pulling prices in opposite directions. On the one hand, U.S. dollar softness supported riskier currencies to some extent, but on the other hand, news that Gazprom will reduce gas exports flowing to the Eurozone via the Nord Stream pipeline to 20% of capacity held back the euro. While the European energy crisis is likely to dominate the headlines in the near term, there is another important catalyst to watch this week that may trigger volatility and set the trading tone for EUR/USD: the Federal Reserve’s monetary policy decision on Wednesday.
Analysis: SCRUM Team