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EURUSD: low move down
2023-05-18
855
Fundamental analysis:
EUR/USD oscillated around 1.08480 as the European Union proposed an overhaul of its customs framework that would introduce a data-driven system to simplify procedures for traders. The European Commission's proposals would simplify reporting requirements for traders, including reducing the time needed to complete the import process, providing a single EU interface and promoting data reuse.
EURUSD—4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the short-term momentum remains low and continues to move downward, the short-term decline may continue, the market as a whole is in the short-term downward movement, the MACD indicator is in the short-selling area and the RSI indicator is in the short-selling area and remains hovering;
Resistance levels: 1.08670 1.08819
Support levels: 1.08221 1.08083
Trading strategy: bearish below 1.08480, target 1.08221 1.08083
Alternative strategy: bullish above 1.08480, target 1.08670 1.08819
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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