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EURUSD: Climbing higher
2023-07-13
743
Fundamental analysis:
The euro remained volatile near 1.11297 against the U.S. dollar, and traders lowered their bets on further rate hikes by the European Central Bank. The terminal rate is expected to be 4.02% by December, compared with a previous forecast of 4.06% by January next year. The yield on two-year German bunds fell 5 basis points to 3.26%.
EURUSD—4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the bullish momentum is rising strongly at high levels, the market’s bullish sentiment continues, and the short-term bulls are constantly pulling up, the MACD indicator is moving up from the high level in the bullish zone, and the RSI indicator is in the high position in the bullish zone.
Resistance levels: 1.11451 1.11606
Support levels: 1.11021 1.10840
Trading strategy: Bullish above 1.11207, target 1.11451 1.11606
Alternative strategy: bearish below 1.11207, target 1.11021 1.10840
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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