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EURUSD: low move down

2023-09-06
620
Fundamental analysis:

The EURUSD remained volatile around 1.07217. ECB Chief Economist Lane said that the inflation rate in the Eurozone is still high. We are seeing significant wage growth. This year is the second peak year of inflation. Inflation of 10% will not quickly drop to 2%.

Euro USD EURUSD - 4-hour K-line chart shows:



Brief technical analysis:

Looking at the 4-hour chart: the short-term momentum continues to decline at low levels, the short-term decline has not stopped, the market is shrouded in bearish sentiment, the MACD indicator is at a low level in the short area and is downward, and the RSI indicator is consolidating at a low level in the short area;

Resistance level: 1.07436 1.07575

Support level: 1.07085 1.06967

Trading strategy: Bearish below 1.07287, target 1.07085 1.06967
Alternative strategy: bullish above 1.07287, target 1.07436 1.07575

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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