Wednesday, February 21, 2024

The dollar continues to strengthen after the US interest rate hike

strong_dollar.jpg

EUR/USD

Support / Resistance: 0.9755 - 0.9845

After yesterday's data from the US and especially the increase in interest rates, today we expect a continuation of the trend for a strong dollar.
Markets await the key event tomorrow Nonfarm Payrolls(Oct). But today is also an extremely important day full of economic data. Among the highlights are the ISM Services PMI(Oct) at 10:00 AM ET, Factory Orders (MoM)(Sep), ECB's President Lagarde speech at 6:05 AM ET, and expectations for a rate hike by the Bank of England at 3.0%.
The strategy today is to hold short positions with a profit range of 45-50 pips.

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