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EURUSD: low long slow up

2022-08-31
516
Fundamental analysis:

EURUSD fluctuated around 1.00436. The European Central Bank needs to take strong actions to combat inflation and maintain public trust. That trust now seems to be waning. There is a view that the European Central Bank may follow the US Federal Reserve in announcing a super large interest rate increase next month.


EURUSD - 4-hour K-line chart shows:




Technical analysis:


According to the 4-hour chart, after the short-term narrow range oscillation of the low level, the Bulls wait for the opportunity to enter the market and move up slowly. The MACD index is in the weak position on the upper side of the 0 axis, and the RSI index is in the narrow range of 50 balanced online side;


Long and short turning point: 1.00086


Pressing position: 1.00405, 1.00724


Support position: 0.99802, 0.99456


Trading strategy: bullish above 1.00086, targets 1.00405 and 1.00724


Alternative strategy: bearish below 1.00086, target 0.99802, 0.99456

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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