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EURUSD: low move down

2023-05-19
838
Fundamental analysis:

EUR/USD remained volatile around 1.07694. European Central Bank Vice President Guindos: Investment funds are the biggest risk facing the EU's finances. There are particular concerns about accelerating inflation in the services sector. The ECB focuses on core inflation as a key indicator of underlying price trends. It is too early to say at what level the ECB will pause rate hikes.

EURUSD—4-hour K-line chart shows:



Brief technical analysis:

Looking at the 4-hour chart: the market’s short-term sentiment continues to shroud, the short-term decline has not stopped, the market as a whole is constantly moving downwards, the MACD indicator is in the short-selling area and continues to move down, and the RSI indicator is in the short-selling area.

Resistance levels: 1.08011 1.08233

Support levels: 1.07548 1.07370

Trading strategy: bearish below 1.07807, target 1.07548 1.07370
Alternative strategy: Bullish above 1.07807, target 1.08011 1.08233

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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