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EURUSD: low move down

2023-05-17
869
Fundamental analysis:

The euro remained volatile near 1.08609 against the U.S. dollar. The trade account of the euro zone recorded a trade surplus in March, reflecting a sharp decline in energy imports from the country since the conflict between Russia and Ukraine. The euro zone recorded a trade surplus of 25.6 billion euros ($27.8 billion) in March, compared with a deficit of 20 billion euros a year earlier. In addition, exports increased by 7.5% year-on-year, while imports decreased by 10.0%. This marks a recovery in EU exports.

EURUSD—4-hour K-line chart shows:



Brief technical analysis:

Looking at the 4-hour chart: the low short-term narrow-range adjustment moves downward again, the short-term decline may continue, the market as a whole is in a short-term downward trend, the MACD indicator is in the short-term area to maintain consolidation, and the RSI indicator is in the short-term area.

Resistance levels: 1.08819 1.08972

Support levels: 1.08467 1.08341

Trading strategy: bearish below 1.08671, target 1.08467 1.08341
Alternative strategy: Bullish above 1.08671, target 1.08819 1.08972

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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