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EURUSD: Consolidation within a narrow range
2023-04-23
843
Fundamental analysis:
EUR/USD remained volatile near 1.09678, and the purchasing managers' index in the euro zone showed that the economy is continuing to recover. However, a closer look reveals that the distribution of growth is very uneven. For example, the gap between the partially booming services sector on the one hand and the sluggish manufacturing sector on the other has widened further.
EURUSD—4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the short-term narrow-range order continues to shift, the overall long-short momentum in the market is anxious, there is no general direction guidance in the short term, the MACD indicator is weak and hovering around the 0 axis, and the RSI indicator is weakly finishing near the 50 balance line;
Resistance levels: 1.09906 1.10058
Support levels: 1.09516 1.09374
Trading strategy: Bullish above 1.09678, target 1.09906 1.10058
Alternative strategy: bearish below 1.09678, target 1.09516 1.09374
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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