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EURUSD: highs move down
2022-11-30
1246
Fundamental analysis:
EUR/USD remained oscillating around 1.03249, a slight improvement in economic confidence in the euro zone, and a gratifying development before the onset of winter. Moderating inflationary pressures did help, and if mild weather is indeed observed in the coming months, that would help boost optimism. Even so, the economic outlook remains challenging and recession risks continue to build.
EURUSD—4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the high-level short-term momentum remains volatile and downward, and the short-term decline may continue. The market as a whole is at a high level and is weak and moving downward.
Long-short turning point: 1.03408
Suppression: 1.03764, 1.04140
Support: 1.02884, 1.02476
Trading strategy: bearish below 1.03408, target 1.02884, 1.02476
Alternative strategy: Bullish above 1.03408, target 1.03764, 1.04140
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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