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EURUSD: high volatility

2023-01-11
571
Fundamental analysis:
The euro remained volatile near 1.07369 against the U.S. dollar, and Goldman Sachs raised its forecast for economic growth in the euro zone in 2023 to 0.6 percent from a previous contraction of 0.1 percent. The ECB said banks did not use the overnight lending facility to borrow money, depositing 4,108.78 billion euros.

EURUSD—4-hour K-line chart shows:



Brief technical analysis:
The 4-hour chart: After the bullish momentum pulled up strongly, the high level fluctuated within a narrow range. The market’s bullish upward trend has insufficient follow-up momentum, but it is still in the process of finishing at a high level.
Long-short turning point: 1.07288
Suppression: 1.07574, 1.07750
Support: 1.07091, 1.06904
Trading strategy: Bullish above 1.07288, target 1.07574, 1.07750
Alternative strategy: bearish below 1.07288, target 1.07091, 1.06904

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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