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EURUSD: Falling from lows

2023-09-03
651
Fundamental analysis:

The EURUSD remained fluctuating around 1.07784. The Eurozone manufacturing industry was still facing tremendous pressure in the middle of the third quarter. New orders dropped sharply and the backlog of work was quickly exhausted, which put considerable pressure on production lines throughout the region.

EURUSD—4-hour K-line chart shows:



Brief technical analysis:

Looking at the 4-hour chart: the short-term momentum has fallen at a low level, the market is in a short-term downtrend, and the market is shrouded in short sentiment. The MACD indicator is in the short area and continues to move downwards, and the RSI indicator is consolidating below the 50 equilibrium line;

Resistance levels: 1.70979 1.08095

Support levels: 1.07662 1.07564

Trading strategy: bearish below 1.07853, target 1.07662 1.07564
Alternative strategy: bullish above 1.07853, target 1.70979 1.08095

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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