EURUSD fluctuated around 1.00436. The European Central Bank needs to take strong actions to combat inflation and maintain public trust. That trust now seems to be waning. There is a view that the European Central Bank may follow the US Federal Reserve in announcing a super large interest rate increase next month.
EURUSD - 4-hour K-line chart shows:
According to the 4-hour chart, after the short-term narrow range oscillation of the low level, the Bulls wait for the opportunity to enter the market and move up slowly. The MACD index is in the weak position on the upper side of the 0 axis, and the RSI index is in the narrow range of 50 balanced online side;
Long and short turning point: 1.00086
Pressing position: 1.00405, 1.00724
Support position: 0.99802, 0.99456
Trading strategy: bullish above 1.00086, targets 1.00405 and 1.00724
Alternative strategy: bearish below 1.00086, target 0.99802, 0.99456