EURUSD: Beware of continuous correction

Fundamental analysis:

Eurusd rose 0.23% to 0.9745, after hitting an intraday high of 0.9875. While the ECB may continue to raise interest rates by 75 basis points at its next meeting at the end of this month, the eurozone's current account deficit widened to 26.32bn in August and growing speculation about a possible eurozone recession added to the negative sentiment surrounding the euro.

Daily EURUSD chart

Technical analysis:

Daily chart: short-term exchange rate low wide consolidation, MACD runs under the 0 axis but the volume can continue to shrink slightly under the 0 axis, RSI stopped falling and slowly rose, it is expected that the short-term exchange rate will be low weak consolidation, do not exclude the possibility of further downward after correction.

Long-short turning point: 0.9950

Suppression position: 1.0150 1.0400

Support: 0.9750 0.9550

Trading strategy: Bearish below 0.9950, target 0.9750, 0.9550

Alternative: Bullish above 0.9950, targets 1.0150, 1.0400