23 November 2023, EUR/USD
EURUSD trading plan:
Euro zone interest rates are close to their peak in the current cycle or may have already reached it, European Central Bank Governing Council member Joachim Nagel said, adding data would determine whether they needed to rise further. The Bundesbank head had said earlier at the same conference that he was cautiously optimistic about the bloc's growth outlook, with the situation improving more markedly from 2025. Nagel said inflation was "a greedy beast" and the ECB was on track to bring it down, getting close to its 2% target over the course of the next 12-15 months. Nagel cautioned that there were still risk factors that could trigger another bout of inflation, calling it "a bumpy road". This is a negative signal for the European currency.
Investment idea: sell 1.0925 and take profit 1.0880.
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