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EURUSD: high down

2023-01-30
981
Fundamental analysis:

EUR/USD remained volatile around 1.08681. The European Central Bank is expected to raise interest rates by 50 basis points each in February and March, and then pause interest rate hikes, but there is a risk of further interest rate hikes thereafter. UBS's official forecast for the ECB's deposit rate peak is 3%.

EURUSD—4-hour K-line chart shows:



Brief technical analysis:

Looking at the 4-hour chart: the market is shrouded in bearish sentiment, the short-term decline may continue, the market as a whole is in a weak state, the MACD indicator is in the bullish area and slowly descending, and the RSI indicator is entangled near the 50 balance line;

Long-short turning point: 1.08772

Suppression: 1.08961, 1.09119
Support: 1.08518, 1.08359

Trading strategy: bearish below 1.08772, target 1.08518, 1.08359
Alternative strategy: Bullish above 1.08772, target 1.08961, 1.09119

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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