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EURUSD: low down
2023-08-02
723
Fundamental analysis:
The euro remained volatile around 1.09837 against the U.S. dollar, as manufacturing activity in the euro zone contracted at the fastest pace since the outbreak of the new crown in July due to falling demand. The economy of Germany, Europe's largest economy, is quite weak, and the economies of France and Italy, the second and third largest economies in the euro zone, have also deteriorated significantly since June.
EURUSD—4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the short-term dynamics fluctuate downward, the short-term decline may continue, the market is shrouded in bearish sentiment, the MACD indicator is in the bearish area to maintain consolidation, and the RSI indicator is hovering weakly below the 50 balance line;
Resistance levels: 1.10174 1.10400
Support levels: 1.09597 1.09390
Trading strategy: bearish below 1.09942, target 1.09597 1.09390
Alternative strategy: bullish above 1.09942, target 1.10174 1.10400
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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