Technical Analysis of EURUSD on 1-hour Timeframe: 10/05/2023

deltawriter 10 May 2023

Based on the technical analysis chart, the EURUSD currency pair is currently in an uptrend channel. If it breaks above the resistance level of 1.10911, the next price target would be 1.12847. Otherwise, in a downtrend, after breaking the support level of 1.09308, the next price target would be 1.07798.

Furthermore, we are waiting for the release of the CPI index from the United States later in the day, which will impact the dollar index. Therefore, considering the impact of news and fundamental analysis on the market, examine all the influential factors before making any trades.

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