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The traders got the wrong

The traders got the wrong | 06 February 2023

06 February 2023, EUR/USD

The traders got the wrong

EURUSD trading plan:

The European Central Bank will continue to raise rates beyond March and hikes could even exceed market expectations unless stubborn underlying inflation turns around. The traders got the wrong end of the stick because Thursday was a "hawkish decision" and the ECB is likely to keep going, hiking in May and possibly thereafter, depending on how inflation develops. The key determining factor in how high the 2.5% deposit rate will go is the stickiness in core inflation, which has held above 5% in recent months, well above the ECB's 2% target.

Investment idea: buy 1.0765 and take profit 1.0860.

David Johnson
Analyst of «FreshForex» company
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