03 February 2022, EUR/USD
EURUSD trading plan:
Euro zone inflation rose to a new record high last month. Inflation across the 19 countries that share the euro picked up to 5.1% in January from 5% in December. The reading reflected soaring energy prices as expected but unprocessed food inflation also jumped more than 5%, a potential source of political pressure on the ECB as fuel and food prices impact ordinary voters quickly. ECB has for months shrugged off data showing prices climbing, arguing that temporary factors are behind the rise and inflation will abate soon on its own. While the U.S. Federal Reserve has abandoned the narrative that inflation is "transitory," the ECB has stuck with this assessment, arguing that wage growth, a precondition of durable inflation, is still muted and underlying price growth is weak.
Investment idea: sell 1.1330 and take profit 1.1270.
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