EURUSD: Long back pedal accumulates strength

Fundamental analysis:

European Central Bank President Christine Lagarde warned Wednesday that economic growth in the euro zone is likely to slow in the coming months. The crisis in Ukraine remains a "huge risk". High inflation continues to depress economic activity by reducing people's real incomes and pushing up costs for businesses, Lagarde said. The situation has been exacerbated by disruptions in gas supplies, which have also weighed on the economy as consumer and business confidence has fallen rapidly.

Daily EURUSD chart

Technical analysis:

The daily chart shows that the short-term exchange rate is significantly backmeasured near the maximum negative turning area, MACD crosses from the 0 axis and the volume energy is slightly overextended on the 0 axis, RSI is slightly falling and gathering momentum, and it is expected that the short-term exchange rate will be more likely to go up after the fall and consolidation.

Long-short turning point: 0.9950

Suppression position: 1.0150 1.0400

Support: 0.9750 0.9550

Trading strategy: Bullish above 0.9950, targets 1.0150, 1.0400

Alternative strategy: Bearish below 0.9950, target 0.9750, 0.9550