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EURUSD: low move down
2023-08-03
777
Fundamental analysis:
EUR/USD remains volatile around 1.09379. EUR/USD has been on the back foot like other major currency pairs, largely due to dollar strength rather than euro weakness. With the dollar also rising against other major currencies, the onus remains on the bulls to emerge again.
EURUSD—4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the short-term dynamics fluctuate downward at a low level, the short-term decline may continue, the market is shrouded in bearish sentiment, the MACD indicator is in the short-selling area to maintain consolidation, and the RSI indicator is in the short-selling area to maintain lingering;
Resistance levels: 1.09792 1.10037
Support levels: 1.09174 1.08993
Trading strategy: bearish below 1.09526, target 1.09174 1.08993
Alternative strategy: Bullish above 1.09526, target 1.09792 1.10037
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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