On Thursday, Euro rose and fell slightly, while dollar weakened because the Fed will begin to reduce the scale of asset purchases next month. Both the number of initial unemployment claims and the producer price index (PPI) performed well, coupled with the higher-than-expected earnings report in the US stock market, prompting the U.S. index to follow the decline of U.S. debt. EU leaders are set to approve member states to take emergency measures next week to alleviate this unprecedented energy crisis.
From a technical perspective, Euro’s daily candle closed with a hammer pattern and is under certain pressure. MA5 and MA10 converges, and there is a certain sign of stabilization. H4 graph shows that the candle has obvious signs of stopping its drop. Currently EURUSD is around the upper BOLL band and the MACD volume remains above the zero axis. Overall prioritize buying at low prices on the fluctuation zone. Consider the support zone and resistance zone, the deciding point whether to buy or sell is near 1.1580.
Resistance：1.1620-1.1650-1.1680
Support：1.1580-1.1560-1.1530
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