02 May 2022, EUR/USD
EURUSD trading plan:
Euro zone inflation inched up to a new record high as expected this month, making uncomfortable reading for European Central Bank policymakers. Inflation in the 19-country currency bloc rose to 7.5% in April from 7.4% in March, in line with expectations, driven by a persistent surge in energy and food prices, data from European Union statistics agency Eurostat showed. Underlying prices, which filter out volatile energy and food prices, also jumped, adding to the ECB's worries that high inflation may prove tough to beat and that a nearly decade-long fight with ultra-low-price growth is over. Policymakers' big concern is that longer-term inflation expectations are rising well above their 2% target, indicating waning confidence in the ECB's ability to control prices and ultimately deliver on its mandate.
Investment idea: sell 1.0565 and take profit 1.0503.
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