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EURUSD: V-shaped upward shift
2023-04-04
930
Fundamental analysis:
EUR/USD remained volatile around 1.08913, as the European Central Bank is expected to take more cautious action due to recent volatility in financial markets, raising the deposit rate by 25 basis points instead of 50 basis points in May. The ECB is expected to raise interest rates by another 25 basis points in July and September, bringing the deposit rate to 3.75%. Money markets are now pricing in about 61 basis points more ECB rate hikes.
EURUSD—4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the high-level bullish momentum shows a V-shaped reversal and upward movement, and the short-term bullish sentiment is still seen. The bullish momentum in the market is constantly moving upwards. The MACD indicator is hovering above the 0 axis, and the RSI indicator is on the side of the 50 balance line.
Resistance levels: 1.09130 1.09398
Support levels: 1.08525 1.08313
Trading strategy: Bullish above 1.08785, target 1.09130 1.09398
Alternative strategy: bearish below 1.08785, target 1.08525 1.08313
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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