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EURUSD: low up
2023-05-16
836
Fundamental analysis:
The euro remained volatile around 1.08738 against the U.S. dollar. The European Commission: raised the inflation forecast for the euro zone from 5.6% to 5.8% in 2023, and raised the inflation forecast for the euro zone to 2.8% from 2.5% in 2024. The GDP growth forecast for the euro area in 2023 was raised to 1.1%, and the GDP growth rate in 2024 was expected to be 1.6%.
EURUSD—4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the short-term lows remain within a narrow range, and the bulls are looking for opportunities to go up. The MACD indicator is in the short position and the RSI indicator is in the short position.
Resistance levels: 1.08871 1.09004
Support levels: 1.08515 1.08375
Trading strategy: Bullish above 1.08671, target 1.08871 1.09004
Alternative strategy: bearish below 1.08671, target 1.08515 1.08375
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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