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EURUSD: The Euro Has Encountered a Significant Resistance in the Short Term at 1.05884

Summary:

Numerous divisions within the ECB over whether to slow rate hikes. Compared to the Fed, which has a "slower, longer, higher" policy path, this undoubtedly provides upward support for the Euro.

Buy EURUSD
End Time
CLOSED

1.05147

ENTRY PRICE

1.05884

TGT PRICE

1.04746

SL PRICE

1.08694 +0.00023 +0.02%

155

Points

Profit

1.04746

SL PRICE

1.05302

CLOSING

1.05147

ENTRY PRICE

1.05884

TGT PRICE

Fundamentals

The Euro climbed 0.47% on Thursday as U.S. jobless claims rose 57,000 to 1.6 million, the biggest increase in a year. This indicates that it is difficult for the unemployed to re-enter the country, which has led the market to speculate that the labor market in the United States has slowed down. And the Euro was boosted by the falling dollar.
Another upside support for the Euro, which the dollar lacks, is the rate increase. Among the officials who spoken currently:
Panetta, Visco, Centeno, Lane, and Villeroy completely support slowing rate hikes;
While Kazaks, Nagel, Kazimir, Muller, Holzmann, Schnabel are in favor of aggressive rate hikes;
Simkus opted for a neutral hawkish stance.
And the attitude of Lagarde, Guindos, Rehn, and Knot is temporarily unknown.
It can be seen that divisions exist in the ECB on whether to slow down the rate hikes, which is why the market and institutions are full of controversy over the ECB's rate increase in December. Comments including a 75 BPs or 50 BPs rate rising all spread on the market. Compared to the Fed, which has a "slower, longer, higher" policy path, it undoubtedly provides upward support for the Euro as well.
Although the energy crisis still plagues the Euro as a long-standing problem, the market's attention will only focus on the monetary policy of mainstream central banks until serious messages have been expressed. Overall, the Euro still has a lot of room for uprise.

Technical Analysis

Trading at the 4-hour chart, the Euro is currently near the top of the ascending channel and is temporarily suppressed by it. While the Fibonacci Retracement of 50.0 (1.05884) is also nearby, which is considered a strong resistance in the short term. And breaching this line will start a new short-term rally. The strong support in the short term is 1.04478, which is not only the top of the historical oscillation range but also around the Fibonacci Retracements of 61.8, which has supported the Euro many times in recent trading days. For indicators, all of the Stoch, DMI, and Ichimoku Kinko Hyo indicate a downtrend of the Euro in the short term. Therefore, it is recommended to go long after the decline.EURUSD: The Euro Has Encountered a Significant Resistance in the Short Term at 1.05884_1

Trading Recommendations

Trading Direction: Long
Entry Price: 1.05147
Target Price: 1.05884
Stop Loss: 1.04746
Support: 1.05473/1.04940/1.04478
Resistance: 1.05884/1.06281/1.06809
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You understand and acknowledge that there is a high degree of risk involved in trading with strategies. Following any strategies or investment methodologies is the potential for loss. The content on the site is being provided by our contributors and analysts for information purposes only. You alone are solely responsible for determining whether any trading assets, or securities, or signal, or any other product is suitable for you based on your investment objectives and financial situation.

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Jason

Analyst

I have an in-depth study of fundamentals, especiaslly for the US dollar market. I'm good at short and medium term trading by virtue of my profound financial theoretical knowledge and extensive practical experience.

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