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EURUSD: high bit up

Fundamental analysis:

EURUSD remained volatile around 1.03614. According to the European Commission's autumn economic forecast report, the EU economy is facing severe challenges and high uncertainty at present and in the near future. The energy crisis caused by the conflict between Russia and Ukraine has eroded household purchasing power and enterprise production capacity, weakened external trade environment and tightened monetary policy. The combination of these factors will cause the EU, the euro area and some EU member states to fall into recession in the fourth quarter of this year.

EUR USD EURUSD - 4-hour K line chart shows:

Technical analysis:

The 4-hour chart shows that the bull momentum continues to rise, the short-term bullish sentiment remains, the market bull momentum continues to rise, the MACD index is at the high level of the bull region, and the RSI index is at the high level of consolidation;

Empty turning point: 1.03434

Pressing: 1.03962, 1.04418

Support: 1.03046, 1.02635

Trading strategy: bullish above 1.03434, target 1.03962, 1.04418

Alternative strategy: bearish under 1.03434, target 1.03046, 1.02635

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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