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EURUSD: low move down

2023-02-24
1013
Fundamental analysis:

EUR/USD remained oscillating around 1.05980. The CPI growth rate in the euro zone in January was slightly faster than initially estimated, but the annual inflation rate continued to decline at the beginning of the year. CPI rose 8.6% year-on-year in January, higher than the previous estimate of 8.5%. That marked a slowdown from the 9.2 percent rise recorded in December, confirming the third straight decline in inflation in as many months.

EURUSD—4-hour K-line chart shows:



Brief technical analysis:

Looking at the 4-hour chart: The low-level short-term dynamics remain oscillating and moving downward, the short-term decline may continue to decline, the market’s short-term sentiment remains, the MACD indicator is in the short-selling area, and the RSI indicator is in the short-selling area and remains lingering;

Long-short turning point: 1.06093

Suppression: 1.06287, 1.08474
Support: 1.05788, 1.05596

Trading strategy: bearish below 1.06093, target 1.05788, 1.05596
Alternative strategy: Bullish above 1.06093, target 1.06287, 1.08474

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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