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EURUSD: high volatility

2023-01-24
510
Fundamental analysis:

The euro remained volatile near 1.08689 against the U.S. dollar. The European Central Bank gave the market the impression that it was fighting inflation. As long as the market believes that these efforts have a chance of success, the euro will not be affected. In this case, the market can even make a case for the euro being bullish. FX markets seem less concerned about whether March is really only 25bp (of a rate hike) than whether the ECB has committed to it, as the latter would desensitize, which would hurt the euro.

EURUSD—4-hour K-line chart shows:



Brief technical analysis:

Looking at the 4-hour chart: the high-level bulls continue to fluctuate and move upwards, and are in a short-term callback trend, but the upward trend is good, the MACD indicator is on the side of the 0 axis, and the RSI indicator is hovering weakly above the 50 balance line;

Long-short turning point: 1.08611

Suppression: 1.08914, 1.09142
Support: 1.08366, 1.08120

Trading strategy: Bullish above 1.08611, target 1.08914, 1.09142
Alternative strategy: bearish below 1.08611, target 1.08366, 1.08120

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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