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EURUSD: Higher lows

Fundamental analysis:

The euro remained volatile around 1.06081 against the dollar as traders bet the ECB would extend its tightening cycle beyond this year, pushing back expectations for a peak in interest rates until 2024 for the first time. They had briefly bet that the ECB would raise its benchmark interest rate to as much as 3.9% in February 2024, pricing in the swaps market.

EURUSD—4-hour K-line chart shows:

Brief technical analysis:

Looking at the 4-hour chart: the low-level bulls have strong momentum, the short-term bullish sentiment continues, the market as a whole is constantly moving upwards, the MACD indicator is in the bearish area and continues to move upwards, and the RSI indicator is hovering weakly near the 50 balance line;

Long-short turning point: 1.05994

Suppression: 1.06260, 1.06416
Support: 1.05822, 1.05623

Trading strategy: Bullish above 1.05994, target 1.06260, 1.06416
Alternative strategy: bearish below 1.05994, target 1.05822, 1.05623

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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