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EURUSD: Bears fall
2023-01-04
1016
Fundamental analysis:
EUR/USD remained volatile around 1.05486, with the euro under pressure in 2022 as Russia's war in Ukraine led to soaring energy costs and a loss of confidence. Still, the continent has proven capable of avoiding blackouts and holding its own politically. The future of the euro depends largely on the development of the war in Ukraine. An end to hostilities would bring a "peace dividend" by lowering gas prices and eliminating fears of escalation.
EURUSD—4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the short-term momentum has fallen sharply, the short-term decline may continue, the overall market is shrouded in bearish sentiment, the MACD indicator is in the short-term area and the RSI indicator is in the short-term area.
Long-short turning point: 1.05577
Suppression: 1.05738, 1.05887
Support: 1.05322, 1.05164
Trading strategy: bearish below 1.05577, target 1.05322, 1.05164
Alternative strategy: Bullish above 1.05577, target 1.05738, 1.05887
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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