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EURUSD: Bulls gain ground

Fundamental analysis:

EUR/USD remained volatile around 1.06649. A series of interest rate hikes by the European Central Bank caused the value of the bonds held by the bank to fall, and led to losses in ultra-low-interest loans it provided to commercial banks.

EURUSD—4-hour K-line chart shows:

Brief technical analysis:

Looking at the 4-hour chart: the bullish momentum is strong and oscillating, the short-term bullish sentiment remains, the bulls in the market continue to pull up, the MACD indicator is in the bullish zone and continues to move upward, and the RSI indicator is in the bullish zone to maintain consolidation;

Long-short turning point: 1.06554

Suppression: 1.06814, 1.06980
Support: 1.06393, 1.06227

Trading strategy: Bullish above 1.06554, target 1.06814, 1.06980
Alternative strategy: bearish below 1.06554, target 1.06393, 1.06227

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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