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EURUSD: Higher lows

2023-06-02
765
Fundamental analysis:

The euro remained volatile near 1.07610 against the U.S. dollar. According to Eurostat data, manufacturing output has declined in the first quarter. There may also be negative signs in the second quarter from the PMI survey results, especially in France, which underperformed. The downturn in the labor market has not yet begun.

EURUSD—4-hour K-line chart shows:



Brief technical analysis:

Looking at the 4-hour chart: the low-level bulls have strong momentum, short-term bullish sentiment is shrouded, the market bulls continue to rise, the MACD index maintains shocks and moves up to hover around the 0 axis, and the RSI index is in a weak order on the side of the 50 balance line;

Resistance levels: 1.07781 1.07943

Support levels: 1.07330 1.07134

Trading strategy: Bullish above 1.07508, target 1.07781 1.07943
Alternative strategy: bearish below 1.07508, target 1.07330 1.07134

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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