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EURUSD: Climbs in volatility

Fundamental analysis:
EUR/USD remained volatile around 1.06992. With the inflation rate in the euro zone entering double digits and the European Central Bank adopting a continuous tightening monetary policy, signs of economic recession in Europe are gradually appearing. The European Commission's autumn economic forecast report shows that the euro zone economy will shrink in the fourth quarter of this year and the first quarter of next year, and the economic growth rate of the EU and the euro zone is expected to be only 0.3% in 2023.

EURUSD—4-hour K-line chart shows:

Brief technical analysis:
Looking at the 4-hour chart: the momentum of the bulls keeps oscillating and moving upwards, short-term bullish sentiment emerges, the bulls in the market continue to climb, the MACD indicator is in the bullish zone and continues to move upwards, and the RSI indicator is in a weak order on the side of the 50 balance line;
Long-short turning point: 1.06910
Suppression: 1.07154, 1.07306
Support: 1.06758, 1.06605
Trading strategy: Bullish above 1.06910, target 1.07154, 1.07306
Alternative strategy: bearish below 1.06910, target 1.06758, 1.06605

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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