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EURUSD: shock retracement

2023-04-28
865
Fundamental analysis:

The euro remained volatile near 1.10269 against the U.S. dollar. Investors predicted that the European Central Bank still has some way to go in terms of further interest rate hikes, and the euro continued to perform well. Credit Suisse set the EUR/USD target at 1.1250 by the end of the second quarter,

EURUSD—4-hour K-line chart shows:



Brief technical analysis:

Looking at the 4-hour chart: high short-term shocks and retracements, the market's short-term sentiment is gradually moving down, the MACD indicator is in the bullish area to maintain consolidation, and the RSI indicator is hovering weakly on the side of the 50 balance line;

Resistance levels: 1.10566 1.10736

Support levels: 1.10102 1.09937

Trading strategy: bearish below 1.10344, target 1.10102 1.09937
Alternative strategy: bullish above 1.10344, target 1.10566 1.10736

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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