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EURUSD: High rise

Fundamental analysis:

The euro remained volatile near 1.10396 against the U.S. dollar. Boris Vujcic, the European Central Bank's governing board, said that the European Central Bank must raise interest rates further because inflationary pressures are still too high. Inflation is coming down, but core inflation remains high, and we have no choice but to keep raising rates. We have to do this until the trend changes.

EURUSD—4-hour K-line chart shows:

Brief technical analysis:

Looking at the 4-hour chart: the high-level bullish momentum has risen again, and quickly broke through the previous high-level node and then retreated. The bullish sentiment in the market has begun to emerge. The MACD indicator is in the long-term area to maintain consolidation, and the RSI indicator is hovering above the 50 balance line;

Resistance levels: 1.10566 1.10736

Support levels: 1.10102 1.09937

Trading strategy: Bullish above 1.10286, target 1.10566 1.10736
Alternative strategy: bearish below 1.10286, target 1.10102 1.09937

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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