On Thursday, Euro strengthened and reached a new 4-week high, and EURUSD is currently trading near 1.1880. The decline in the U.S. dollar index due to multiple negative factors is the main reason supporting the rise of the Euro. The recent hawkish remarks made by ECB officials have made the market look forward to the interest rate resolution to be announced by the European Central Bank next week, which is also an important factor supporting the rise of the Euro. In addition, the economic data released by the Eurozone has performed well and has also formed a certain degree of support for the exchange rate.
From a technical point of view, Euro undergo correction before continuing to rise. During US session, EURUSD continued to increase and is closed with a bullish marubozu candle. H4 graph showed that the middle band of BOLL is moving upwards, MACD forms Golden Cross above the 0 axis. Overall prioritise Buy on Low after correction. The chart below is showing the key point and the estimated trend, the deciding point whether to buy or sell is near 1.1900.
Resistance：1.1900-1.1920-1.1950
Support：1.1850-1.1810-1.1775
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