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EURUSD: Bulls gain ground

Fundamental analysis:

EUR/USD remained volatile around 1.08796 as Jerome Powell insisted that the Fed hadn't finished raising interest rates. EUR/USD remained within a narrow range. Inflation remains stubbornly above the 2.0% target.

EURUSD—4-hour K-line chart shows:

Brief technical analysis:

Looking at the 4-hour chart: the momentum of the low-level bulls is rising strongly, the short-term bullish sentiment is shrouded, the market bulls continue to pull up, the MACD index maintains the shock and moves up to the upper side of the 0 axis for consolidation, and the RSI index fluctuates on the upper side of the 50 balance line;

Resistance levels: 1.08974 1.09137

Support levels: 1.08540 1.08365

Trading strategy: Bullish above 1.08714, target 1.08974 1.09137
Alternative strategy: bearish below 1.08714, target 1.08540 1.08365

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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