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EURUSD: Shock recovery
2023-05-11
817
Fundamental analysis:
The euro remained volatile around 1.09809 against the U.S. dollar. European Central Bank Governing Council and Bundesbank President Nagel: may be about to enter the final stage of interest rate hikes. The European Central Bank kept its monetary policy direction unchanged. The job of raising interest rates is not done, and core inflation still has a lot of work to do.
EURUSD—4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the low-level long-term momentum rebounded, the short-term bullish sentiment emerged rapidly, the market bulls continued to rise, the MACD indicator was in the short-selling area, and the RSI indicator was hovering around the 50 balance line;
Resistance levels: 1.09911 1.10009
Support levels: 1.09642 1.09537
Trading strategy: Bullish above 1.09750, target 1.09911 1.10009
Alternative strategy: bearish below 1.09750, target 1.09642 1.09537
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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