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EURUSD: low move down
2023-05-25
479
Fundamental analysis:
The euro remained volatile around 1.07486 against the U.S. dollar, as market bets on the Fed cutting interest rates were pushed back and bets that interest rates would remain high for a longer period of time. The sharp contraction in manufacturing in the euro zone has weakened the momentum of economic growth driven by the service industry.
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 may continue, the lows repeatedly break new lows, the MACD indicator is in the short zone and maintains consolidation, and the RSI indicator is in the short zone and maintains shocks;
Resistance levels: 1.07774 1.07967
Support levels: 1.07305 1.07159
Trading strategy: bearish below 1.07608, target 1.07305 1.07159
Alternative strategy: Bullish above 1.07608, target 1.07774 1.07967
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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