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EURUSD: low move down

2023-02-23
945
Fundamental analysis:

The euro remained volatile around 1.06030 against the dollar as investors ramped up bets that the European Central Bank would raise interest rates to record highs amid signs of resilience in the euro zone economy and signs that inflation may be harder to control than expected. The swap market is pricing in a jump in the ECB's deposit rate to 3.75% by September, from 2.5% now.

EURUSD—4-hour K-line chart shows:



Brief technical analysis:

Looking at the 4-hour chart: the short-term momentum of the market is slowly moving downward, the short-term decline has not stopped, the short-term trend continues to move downward, the MACD indicator is in the short-selling area and slowly moving down, and the RSI indicator is in the short-selling area and continues to decline;

Long-short turning point: 1.06143

Suppression: 1.06337, 1.06531
Support: 1.05846, 1.05656

Trading strategy: bearish below 1.06143, target 1.05846, 1.05656
Alternative strategy: Bullish above 1.06143, target 1.06337, 1.06531

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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