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EURUSD: High short pullback
2022-10-06
1099
Fundamental analysis:
EURUSD remained volatile at around 0.99620. As the energy crisis is far from over, the euro should continue to face pressure. The rebound of the euro is likely due to the weakening of the dollar. To what extent the current energy crisis will continue to drag down the European economy for a long time is still highly uncertain. This proves that the risk premium of the euro exchange rate will rise for a long time to come.
EUR USD EURUSD - 4-hour K line chart shows:
Technical analysis:
The 4-hour chart shows that the high short power remained volatile and retreated downward. The short-term short power began to wait for opportunities to enter the market, and the short sentiment began to envelop. The MACD index remained weak in the long area and moved downward, while the RSI index was in the 50 balanced online weak narrow range;
Empty turning point: 0.98727
Pressing: 0.99132, 0.99536
Support: 0.98293, 0.97898
Trading strategy: bearish at 0.98727, target 0.98293, 0.97898
Alternative strategy: bullish above 0.98727, target 0.99132, 0.99536
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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