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EURUSD: Continuing to move down

2023-05-10
790
Fundamental analysis:

EUR/USD remained volatile around 1.09596. In the context of policy differences between the Federal Reserve and the European Central Bank and the apparent undervaluation of the euro, the market remains firmly bullish on EUR/USD in the long run.

EURUSD—4-hour K-line chart shows:



Brief technical analysis:

Looking at the 4-hour chart: the short-term momentum continues to fluctuate and move down, the short-term decline may continue, the market as a whole is in a bearish trend, the MACD indicator is in the bearish area and continues to decline, and the RSI indicator is hovering weakly below the 50 balance line;

Resistance levels: 1.09773 1.09874

Support levels: 1.09484 1.09378

Trading strategy: bearish below 1.09649, target 1.09484 1.09378
Alternative strategy: Bullish above 1.09649, target 1.09773 1.09874

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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