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EURUSD: low move down

Fundamental analysis:

EUR/USD remained volatile around 1.08098, European Central Bank Management Committee Centeno: The European Central Bank should remain cautious at its next meeting. Downside risks to the economy have become a reality. The transmission of ECB policy is intensifying. The ECB has been relying on data for guidance in its policy decisions. There is still a ton of data to be released before the September meeting. The ECB will decide on the direction of interest rates at its September meeting.

EURUSD—4-hour K-line chart shows:

Brief technical analysis:

Looking at the 4-hour chart: the short-term dynamics are moving downward with low volatility, and the short-term decline may continue. The overall bearish sentiment in the market is shrouded, the MACD indicator is in the low-level order in the short-selling area, and the RSI indicator is hovering weakly below the 50 balance line;

Resistance levels: 1.08296 1.08459

Support levels: 1.07960 1.07825

Trading strategy: bearish below 1.08157, target 1.07960 1.07825
Alternative strategy: Bullish above 1.08157, target 1.08296 1.08459

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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