Technical analysis of EUR/USD exchange rate
On Wednesday (December 4th), the EUR/USD traded around 1.0510 in the European market, with divergent expectations for the Federal Reserve's December interest rate cut on a fundamental level. Meanwhile, employment data in the United States remained relatively stable, and this week's non farm payroll data has not yet landed.
The US dollar index is still running at a high level. If the short-term consolidation does not break through the range support, it is expected to strengthen again. Therefore, this non US round is only a correction to the previous decline, and the reversal has not yet arrived. We will continue to pay attention to the direction of the US dollar index and wait for new changes in fundamentals.
Technically speaking, the daily chart of the euro against the US dollar maintains a range oscillation, with the moving average turning downwards and the central axis of the Bollinger Bands not yet broken through.
KDJ continues to make downward corrections, mainly waiting for a second retracement, near the daily long short watershed of 1.0620, with support at 1.0420 below.
EUR/USD daily chart
At the 4-hour level, after rebounding along the central axis of the Bollinger Bands, it encountered resistance again and the volatility further decreased. After waiting for the Bollinger Bands to close, the direction to choose is around 1.0580 pressure above and 1.0480 support below.
EUR/USD 4-hour chart
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