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Set a sell-stop at 1.0880 and a take-profit at 1.0750.The EUR/USD rallied to the highest point since February after the US published March’s inflation numbers. It jumped to a high of 1.100, which was ~15% above the lowest point in 2022. It also rose after the latest Federal Reserve minutes.The main catalyst for the EUR/USD was the latest inflation data published on Wednesday.
The EUR/USD pair also reacted to the latest Fed minutes. In it, Fed officials said that they believe that the banking crisis will likely lead the US to a mild recession this year. The concern is that more regional banks will start boosting their balance sheets and reducing lending. The statement said:
Therefore, fears of a recession, coupled with falling recession means that the Fed will likely find it difficult to tighten further. It also raise the possibility of a rate cut in the fourth quarter or in 2024.
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