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EURUSD: Bears fall

Fundamental analysis:

The euro remained volatile around 1.09149 against the U.S. dollar. European Central Bank Governing Council Nagel: Interest rate hikes are not over yet, we need to take more measures. Anything is possible at the September meeting. Core inflation is very stubborn and food price inflation is very high. It will take at least a year and a half before we see core CPI approaching 2%. The banking turmoil is not a systemic crisis. The European banking sector is strong and well capitalized.

EURUSD—4-hour K-line chart shows:

Brief technical analysis:

Looking at the 4-hour chart: the short-term momentum remains volatile and falls, and there is no sign of the final stop in the short-term decline. The short-term sentiment continues to shroud, the MACD indicator is in the short-term area, and the low-level order moves down, and the RSI index is in the short-term area.

Resistance levels: 1.09355 1.09488

Support levels: 1.09010 1.08886

Trading strategy: bearish below 1.09227, target 1.09010 1.08886
Alternative strategy: Bullish above 1.09227, target 1.09355 1.09488

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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