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EURUSD: Big earthquake moves up
2023-03-14
923
Fundamental analysis:
The EUR/USD remained volatile around 1.07203. Inflation in the euro zone slowed down less than expected. The core inflation rate rose to 5.6% in February from 5.3% in January, reaching a record high. Combined with an increasingly hawkish stance expressed by the ECB on rate hikes, traders are betting that the ECB will continue to raise rates to the highest level on record.
EURUSD—4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the high-level bullish momentum continues to move up in a wide range of shocks, short-term bullish sentiment emerges, the market as a whole is rising, the MACD indicator is moving up from the high level in the bullish zone, and the RSI indicator is hovering at the high level in the bullish zone;
Resistance levels: 1.07441 1.07583
Support levels: 1.07081 1.06939
Trading strategy: Bullish above 1.07210, target 1.07441 1.07583
Alternative strategy: bearish below 1.07210, target 1.07081 1.06939
The above information is provided by special analysts and is for reference only. CM Trade does not guarantee the accuracy, timeliness and completeness of the information content, so you should not place too much reliance on the information provided. CM Trade is not a company that provides financial advice, and only provides services of the nature of execution of orders. Readers are advised to seek relevant investment advice on their own. Please see our full disclaimer.
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