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EURUSD: Bears down
2023-03-03
938
Fundamental analysis:
EUR/USD remained volatile around 1.05978. The market currently expects the European Central Bank to raise interest rates by a total of 90 basis points at its policy meetings in March and May. This exceeded expectations, indicating that the market may have overreacted.
EURUSD—4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the short-term momentum continues to fluctuate and move down, the short-term decline may continue, the market as a whole is in a bearish trend, the MACD indicator is in the bullish area and moves down, and the RSI indicator is hovering below the 50 balance line;
Long-short turning point: 1.06076
Suppression: 1.06253, 1.06429
Support: 1.05806, 1.05619
Trading strategy: bearish below 1.06076, target 1.05806, 1.05619
Alternative strategy: Bullish above 1.06076, target 1.06253, 1.06429
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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