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EURUSD: high volatility

Fundamental analysis:

The euro remained volatile around 1.08535 against the U.S. dollar, and raised its forecast for GDP growth in the euro zone this year. It is expected that GDP will grow by 0.2% in 2023, compared with the previous forecast of a contraction of 0.5%. The pessimism eased at the start of the year. Confidence in the euro area's economic outlook has improved in early 2023, especially compared with parts of mid-to-late 2022, when the risk of a deep and prolonged downturn in energy-related economic activity appears high. However, the agency warned against an overly optimistic view of economic growth.

EURUSD—4-hour K-line chart shows:

Brief technical analysis:

Looking at the 4-hour chart: The bullish momentum is slowly oscillating upwards, the market is bullish, and there is a trend of continuing to move upwards in the short term. The MACD indicator is hovering above the 0 axis, and the RSI indicator is in a weak order above the 50 balance line;
Long-short turning point: 1.08458

Suppression: 1.08704, 1.08914
Support: 1.08233, 1.08009

Trading strategy: Bullish above 1.08458, target 1.08704, 1.08914
Alternative strategy: bearish below 1.08458, target 1.08233, 1.08009

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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