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EURUSD: Shock recovery
2023-05-07
827
Fundamental analysis:
The euro remained volatile around 1.10260 against the U.S. dollar, and the European Central Bank's interest rate decision confirmed its determination to fight inflation, indicating that the European Central Bank is entering the final stage of its monetary cycle. The continued tightening of credit conditions appears to have triggered the ECB's shift to a slower pace.
EURUSD—4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: After a short-term rapid decline, it quickly pulled up, and the bulls waited for an opportunity to enter the market. Short-term bullish sentiment gradually emerged. The MACD indicator was sorting out on the upper side of the 0 axis, and the RSI indicator was hovering weakly near the 50 balance line;
Resistance levels: 1.10369 1.10482
Support levels: 1.10082 1.09977
Trading strategy: Bullish above 1.10194, target 1.10369 1.10482
Alternative strategy: bearish below 1.10194, target 1.10082 1.09977
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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