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EURUSD: Climbing sharply

2023-02-02
992
Fundamental analysis:

The euro remained volatile around 1.09847 against the dollar, and the decline in headline inflation in the euro zone is unlikely to dispel concerns among conservative ECB policymakers that the rapid rise in prices is becoming entrenched, exacerbated by weak underlying inflation data.

EURUSD—4-hour K-line chart shows:



Brief technical analysis:

Looking at the 4-hour chart: bullish sentiment emerges in the market, the short-term bulls continue to climb upwards, the MACD indicator is rising in the bullish zone, and the RSI indicator is in the bullish zone and is constantly rising;

Long-short turning point: 1.09754

Suppression: 1.09986, 1.10129
Support: 1.09596, 1.09427

Trading strategy: Bullish above 1.09754, target 1.09986, 1.10129
Alternative strategy: bearish below 1.09754, target 1.09596, 1.09427

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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