FUNDAMENTAL AND SENTIMENT SUMMARY
The most recent significant event was the EU HCIP report that showed inflation at 9.1%,, slightly higher than what was expected and thus pressuring the ECB into higher rates. Energy costs continue to be elevated at 38.3 percent although this is slightly down on the previous reports 39.6 percent.
The next ECB meeting is next week on September 8th and odds are rising on a 75bps hike that would follow its 50 bps hike in July.
Attention may be looking at the Retail Sales on Monday but the focus is on Wednesday's ECB meeting and the rate decision of the governing council.
ORDERS
The momentum on the $EURUSD is expected to remain bearish in light of a strong US Dollar and the pessimistic outlook to the rising energy costs narrative as it begins to slide towards $0.97.
An order to SELL the $EURUSD has been placed:
Stop Loss 1.021
High Risk Sell 1.011
Low Risk Sell 1.001
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DISCLAIMER
The content provided is intended for informational purposes only. Investments on the forex markets and trading decisions are made at your own risk.