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EURUSD: bearish downlink
2022-11-03
859
Fundamental analysis:
EURUSD remained volatile around 0.98137. In October, the PMI of manufacturing industry in the euro area fell to 46.4, the weakest data since the peak of economic recession caused by COVID-19. The sharp drop in demand remains a key drag, as inflation continues to climb and uncertainty is high.
EUR USD EURUSD - 4-hour K line chart shows:
Technical analysis:
The 4-hour chart shows that the momentum of high short positions has maintained the range shock and continued to decline. The short-term decline has not stopped. The market short positions are in a good mood. The MACD index is in a weak downward movement under the 0 axis, and the RSI index is in a weak downward shock under the 50 equilibrium line;
Empty turning point: 0.98233
Pressing: 0.98551, 0.98851
Support: 0.97,864, 0.97,555
Trading strategy: bearish at 0.98233, target 0.97864, 0.97555
Alternative strategy: bullish above 0.98233, target 0.98551, 0.98851
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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