EURUSD: slow down

The EUR/USD remained volatile around 1.11238. The rate hikes by the European Central Bank and the Bank of England may lead to the depreciation of European currencies. This difference in interest rates may bring about changes in the currency market. The euro is expected to have more room to rise against the dollar, as interest rates in the United States have risen less than elsewhere, and the European Central Bank and Bank of England are still lagging behind the tightening of monetary policy.

EURUSD—4-hour K-line chart shows:

Looking at the 4-hour chart: The high-level short-term dynamics are finishing slowly in a narrow range, and the market is shrouded in short-term sentiment. In the short term, it will continue to move downward.

Resistance levels: 1.11617 1.11868

Support levels: 1.10957 1.10732

Trading strategy: bearish below 1.11375, target 1.10957 1.10732

Alternative strategy: bullish above 1.11375, target 1.11617 1.11868