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EURUSD: Bulls Climbing

2022-11-11
525
Fundamental analysis:

EURUSD remained volatile around 1.02140. The euro area economy contracted in October. New orders and expected forward-looking indicators indicate that the economic downturn will further deteriorate.


EUR USD EURUSD - 4-hour K line chart shows:




Technical analysis:


The 4-hour chart shows that there is a sign of continued upward movement after the bulls' driving power has risen rapidly. The short-term bullish mood is shrouded, and the market bulls maintain their upward trend. The MACD index is at the high level in the bulls' region, and the RSI index is at the shock in the bulls' region;


Empty turning point: 1.02020


Pressing: 1.02451, 1.02853


Support: 1.01,714, 1.01,408


Trading strategy: bullish above 1.02020, target 1.02451, 1.02853


Alternative strategy: bearish under 1.02020, target 1.01714, 1.01408

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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