U.S.: Consumer sentiment has improved sharply:
US, University of Michigan: March, final Consumer Sentiment Index 84.9 vs. prelim 83.0 / forecast 83.6 / and pre. 76.8, the best result since March 2020, but it's still far from pre-survey levels;
Assessment of current economic conditions 93.0 vs. prelim 91.5 / forecast / and pre. 86.2, the highest since March 2020;
6-month consumer expectations of 79.7 vs. prelim/projection 77.5 and forecast 70.7 - also at highs since March 2020;
1-year inflation expectations 3.1% vs. 3.1% forecast and pre. 3.3% in February, 3.0% in January, and 2.5% in December - the indicator has begun to stabilize after rising for several months;
5-10-year inflation expectations 2.8% vs. 2.7% and 2.7%.
Our Analysis:
Provided that the currency pair is traded below 109.80, follow the recommendations below:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 109.53
- Take Profit 1: 109.30
- Take Profit 2: 109.10
Alternative scenario:
In case of breakout of the level 109.80, follow the recommendations below:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 109.80
- Take Profit 1: 110.00
- Take Profit 2: 110.20
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