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EURUSD: finishing pullback

Fundamental analysis:
The euro remained volatile around 1.06106 against the dollar, with the euro zone economy likely to shrink next year as high inflation and potential energy shortages weigh on output and trigger a reversal in the labor market. Most expect GDP to shrink next year.

EURUSD—4-hour K-line chart shows:

Brief technical analysis:
Looking at the 4-hour chart: short-term entanglement in the high-level range, the short-term momentum of the market is slowly moving downward, the short-term decline may continue, the MACD indicator is hovering weakly above the 0 axis, and the RSI indicator is weakly finishing below the 50 balance line;
Long-short turning point: 1.06191
Suppression: 1.06366, 1.06519
Support: 1.05928, 1.05742
Trading strategy: bearish below 1.06191, target 1.05928, 1.05742
Alternative strategy: Bullish above 1.06191, target 1.06366, 1.06519

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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