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EURUSD: low move down

2023-05-26
843
Fundamental analysis:

The euro remained volatile at around 1.07245 against the U.S. dollar. After the German economy shrank in the fourth quarter, it also unexpectedly shrank in the first quarter. The GDP in the first quarter fell by 0.3% from the previous quarter, which is expected to be flat; it fell by 0.2% from the same period last year. To grow 0.2%, the economy fell 0.5% on a seasonally adjusted year-on-year basis, compared with a 0.1% decline in the previous reading; traders have built up a large number of bets that the euro will rise.

EURUSD—4-hour K-line chart shows:



Brief technical analysis:

Looking at the 4-hour chart: The low-level short-term momentum continues to fluctuate and move downward, and the short-term decline may continue. The market as a whole is in a low position and continues to move downward.

Resistance levels: 1.07528 1.07702

Support levels: 1.07070 1.06940

Trading strategy: bearish below 1.07354, target 1.07070 1.06940
Alternative strategy: Bullish above 1.07354, target 1.07528 1.07702

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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