Euro rebounded from a new low on Friday and is currently trading at US$1.1557. The US dollar money market strengthened as the Fed announced its scheduled quantitative easing reduction. European Bank President Lagarde said that the European Union's consumer price index is at a 13-year high at 3.4%, but the European Central Bank is unlikely to raise interest rates in 2022.
From a technical perspective, Euro’s weekly graph continues to weaken, the daily candle continues to fluctuate at a low level. On H4 graph, EURUSD forms a downward channel, the key support at 1.1500 below is difficult to break, and the all indicators weaken across the board. Overall, prioritise operation within the fluctuation zone. The chart below is showing the key point and the estimated trend, the deciding point is near 1.1500.
Resistance：1.1570-1.1600-1.1620
Support：1.1530-1.1500-1.1450
This material is from Quant Tech Limited and is being posted with permission from Quant Tech Limited. The views expressed in this material are solely those of the author and/or Quant Tech Limited and BTCDana is not endorsing or recommending any investment or trading discussed in the material. Before acting on this material, you should consider whether it is suitable for your circumstances and as necessary, seek professional advice.