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EURUSD: High rise
2023-03-31
941
Fundamental analysis:
EUR/USD remained volatile around 1.09045, and the market expects the European Central Bank to raise interest rates by another 25 basis points in May and June. The ECB's base case is that inflation is expected to remain too high for too long, and recent comments from policy makers imply that its key deposit rate will peak at 3.5% and rise to 20% in May and June respectively. A rate hike of 25 basis points.
EURUSD—4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the high level is finishing up in the short term, the market is bullish, and it is about to break through the previous high level node. The MACD indicator is in the bullish zone and is slowly rising, and the RSI indicator is in the bullish zone and continues to move upwards;
Resistance levels: 1.09256 1.09492
Support levels: 1.08722 1.08533
Trading strategy: Bullish above 1.08965, target 1.09256 1.09492
Alternative strategy: bearish below 1.08965, target 1.08722 1.08533
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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