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EURUSD: bearish shock downward
2022-10-11
1085
Fundamental analysis:
EURUSD remained volatile at around 0.96950. The rising oil prices and geopolitical tensions also worried about economic growth, putting pressure on the currencies of European energy importing countries. Only when the policy shift of the Federal Reserve and/or other factors providing continuous support for risky assets appear, the euro may be expected to reverse the current decline.
EUR USD EURUSD - 4-hour K line chart shows:
Technical analysis:
The 4-hour chart shows that the momentum of short positions remains volatile and slowly declines, and the short-term decline may continue. The short-term short positions in the market continue to move downward. MACD indicators remain in the short positions area, and RSI indicators remain weak at the bottom of the 50 equilibrium line;
Empty turning point: 0.97135
Pressing: 0.97457, 0.97760
Support: 0.96646, 0.96348
Trading strategy: bearish at 0.97135, target 0.96646, 0.96348
Alternative strategy: bullish above 0.97135, target 0.97457, 0.97760
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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