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EURUSD: Bear Ladder Descending
2022-10-10
1098
Fundamental analysis:
EURUSD remained volatile around 0.97345, and the euro area is entering recession. The new round of EU sanctions may mean a long-term confrontation with Russia, while the market is waiting for more details about the oil price ceiling. If the euro/dollar wants to continue to rise above parity, the market may now only need to more actively expect the Federal Reserve's policy shift and/or other factors that provide continued support for risky assets.
EUR USD EURUSD - 4-hour K line chart shows:
Technical analysis:
The 4-hour chart shows that the power of high short positions moves downward in a step like manner. The short-term decline does not stop, but it moves further downward. The MACD indicator hovers at the lower side of the 0 axis, and the RSI indicator is at the lower side of the 50 equilibrium line;
Empty turning point: 0.97503
Pressing: 0.97870, 0.98207
Support: 0.96993, 0.96646
Trading strategy: bearish at 0.97503, target 0.96993, 0.96646
Alternative strategy: bullish above 0.97503, target 0.97870, 0.98207
The above information is provided by special analysts and is for reference only. CM Trade does not guarantee the accuracy, timeliness and completeness of the information content, so you should not place too much reliance on the information provided. CM Trade is not a company that provides financial advice, and only provides services of the nature of execution of orders. Readers are advised to seek relevant investment advice on their own. Please see our full disclaimer.
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