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EURUSD: low move up

2023-01-05
578
Fundamental analysis:
EUR/USD remained volatile around 1.06065. As inflation in the energy and service industries slowed down, France's December reconciled CPI unexpectedly recorded an annual rate of 6.7%. Markets believe that signs that inflation in the euro zone may have peaked should provide some relief to policymakers at the European Central Bank.

EURUSD—4-hour K-line chart shows:



Brief technical analysis:
Looking at the 4-hour chart: The momentum of the low-level bulls keeps oscillating and moving upwards, short-term bullish sentiment emerges, the market bulls continue to climb, the MACD indicator is in the short-selling area, and the RSI indicator is hovering around the 50 balance line;
Long-short turning point: 1.05995
Suppression: 1.06221, 1.06359
Support: 1.05857, 1.05708
Trading strategy: Bullish above 1.05995, target 1.06221, 1.06359
Alternative strategy: bearish below 1.05995, target 1.05857, 1.05708

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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