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EURUSD: Bears plunge

2023-08-23
714
Fundamental analysis:

EUR/USD remained volatile around 1.08454, and the substantial increase in the current account surplus in the euro zone indicated that the energy crisis last year was completely over for the euro zone. As the cost of energy imports fell, Germany ran a large surplus, confirmed by a trade surplus that widened to 36 billion euros in June from 8 billion euros in May.

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 bearish sentiment in the market is shrouded, the MACD indicator is in the bearish area and fluctuates downward, and the RSI indicator is in a weak order below the 50 balance line;

Resistance levels: 1.08659 1.08812

Support levels: 1.08308 1.08198

Trading strategy: bearish below 1.08518, target 1.08308 1.08198
Alternative strategy: Bullish above 1.08518, target 1.08659 1.08812

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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