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EURUSD: wide range

Fundamental analysis:

EUR/USD remained volatile around 1.10167 as the French economy rebounded in early 2023, dispelling concerns that a strike on pension reform would weigh on economic activity and boosting belief that Europe can continue to avoid recession.

EURUSD—4-hour K-line chart shows:

Brief technical analysis:

Looking at the 4-hour chart: short-term wide fluctuations, although the market bulls are waiting for an opportunity to rise, but the overall high-level shorts are suppressing the strength, the MACD indicator is hovering above the 0 axis, and the RSI indicator is in a weak order near the 50 balance line;

Resistance levels: 1.10457 1.10671

Support levels: 1.09989 1.09819

Trading strategy: bearish below 1.10263, target 1.09989 1.09819
Alternative strategy: Bullish above 1.10263, target 1.10457 1.10671

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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