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EURUSD: Bears plunge
2023-03-08
938
Fundamental analysis:
EUR/USD remained oscillating around 1.05500. European Central Bank Chief Economist Lien: Current information indicates that interest rates will be raised further after March. Data released ahead of the May policy decision will guide monetary policy. European Central Bank Governing Council Centeno said: the possibility of raising interest rates by 50 basis points later this month is becoming more and more likely.
EURUSD—4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the short-term momentum has fallen rapidly, and the short-term decline may continue. The market as a whole is at a low level and is about to fall below the previous low. The MACD indicator continues to fluctuate and move down, and the RSI indicator is hovering below the 50 balance line;
Resistance levels: 1.05681 1.05808
Support levels: 1.05383 1.05270
Trading strategy: bearish below 1.05557, target 1.05681 1.05808
Alternative strategy: Bullish above 1.05557, target 1.05383 1.05270
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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