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EURUSD: Bears plunge

2023-05-05
844
Fundamental analysis:

The euro against the dollar remained volatile around 1.10105. The marginal lending rate of the European Central Bank in the euro zone until May 4 was 4%, expected to be 4.00%, and the previous value was 3.75%. The European Central Bank raised the three main interest rates by 25 basis points to 3.75%, in line with market expectations, and the interest rate reached the highest level since October 2008.

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 market as a whole is in a bearish downward trend, the MACD indicator is in the bullish area and slowly moving downward, and the RSI indicator is hovering weakly below the 50 balance line;

Resistance levels: 1.10304 1.10444

Support levels: 1.09985 1.09866

Trading strategy: bearish below 1.10168, target 1.09985 1.09866
Alternative strategy: bullish above 1.10168, target 1.10304 1.10444

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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