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EURUSD: Bulls gain ground
2023-06-09
755
Fundamental analysis:
The euro remained volatile near 1.07815 against the U.S. dollar. The quarterly rate of GDP in the euro zone recorded -0.1% in the first quarter, which was lower than the expectation of a slight growth in the initial value. The euro zone economy fell into a technical recession in the first quarter of this year. Forecasts for the first three months of the year were revised down.
EURUSD—4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the bullish momentum is strong and fluctuating upwards, the short-term bullish sentiment remains, the bulls in the market continue to climb, the MACD indicator is in the bullish zone and continues to move upward, and the RSI indicator is in the bullish zone for high level consolidation;
Resistance levels: 1.07939 1.08064
Support levels: 1.07631 1.07487
Trading strategy: Bullish above 1.07743, target 1.07939 1.08064
Alternative strategy: bearish below 1.07743, target 1.07631 1.07487
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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