Lower than expected inflation data reduces the ECB's desire to raise interest rates

Fundamental analysis:

The euro remained volatile around 1.05795 against the US dollar. Affected by the sharp rise in energy and food prices, the inflation rate in the euro area reached 7.4% at an annual rate in April this year, lower than the previous preliminary estimate of 7.5%; The monthly rate of core CPI was 1.2%, in line with expectations. The lower than expected inflation data seems to reduce the ECB's urgent desire to raise interest rates.

EURUSD - 4-hour K-line chart shows:

Technical comments: the low-level bull power continues to fluctuate and rise in the upper rail section of the Bollinger belt index channel. After the high level reaches the node near 1.06072, the short-term bull power continues to move upward. The Bollinger belt index shows a closing trend and moves upward. The MACD index is located above the 0 axis, the bull area maintains a concussion and upward movement, and the RSI index is at 50 equilibrium, and the online side maintains a narrow consolidation and upward movement;

Long short turning point: 1.05649

Pressing position: 1.06106, 1.06426

Support position: 1.05340, 1.05020

Trading strategy: bullish above 1.05649, target 1.06106, 1.06426

Alternative strategy: bearish below 1.05649, target 1.05340, 1.05020

The above analysis is a personal point of view and is for reference only.