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EURUSD: range bound

Fundamental analysis:
EUR/USD remained volatile around 1.06201. The European Central Bank raised interest rates and high inflation worries indicated that the euro zone was in the predicament of economic recession. The market may have underestimated the persistence of inflation and could only act. Short-term rate hikes of 50 basis points could become the new normal. Markets are closed on Monday for Christmas.

EURUSD—4-hour K-line chart shows:

Brief technical analysis:
Looking at the 4-hour chart: the short-term range fluctuates within a narrow range, the market as a whole is in a weak position, and has not yet stepped out of the range consolidation, the MACD indicator is hovering around the 0 axis, and the RSI indicator is in a weak consolidation near the 50 balance line;
Long-short turning point: 1.06125
Suppression: 1.06349, 1.06519
Support: 1.05928, 1.05747
Trading strategy: Bullish above 1.06125, target 1.06349, 1.06519
Alternative strategy: bearish below 1.06125, target 1.05928, 1.05747

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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