On Monday, Euro maintained a bottoming trend, and showed a rapid rise in early trading on Tuesday. The current price of EURUSD is near 1.1650. US dollar quickly broke down near 93.68. European Central Bank President Lagarde said that it will continue to provide support to the Euro Zone economy because the impact of the epidemic is still there. She previously said that the inflation rate is “short-lived”. In addition, the European Central Bank Management Committee expressed ignorance of inflation concerns and the prospect of short-term interest rate hikes. The European Central Bank also postponed some important decisions to December.
From a technical perspective, Euro’s daily candle closed bullish with an upper and lower shadow. The daily candle of EURUSD has closed bullish for 4 consecutive days, laying the foundation for the next upward movement. In H4 graph, BOLL stood steadily in the middle band and reversed upwards, and MACD strengthened above the zero axis. Overall, prioritise Buy within the fluctuation zone. Consider the support zone and resistance zone, the deciding point whether to buy or sell is near 1.1625.
Resistance：1.1680-1.1710-1.1750
Support：1.1625-1.1600-1.1570
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