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EURUSD: low move down

Fundamental analysis:

The euro remained volatile around 1.06953 against the US dollar. The final annual GDP rate of the euro zone in the second quarter was 0.5%, which was expected to be 0.60% and the previous value was 0.60%. The euro zone economy barely grew in the second quarter as new data showed a lackluster export performance, forcing a downward revision to headline growth figures for the region.

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

Brief technical analysis:

Looking at the 4-hour chart: the low-level short-term dynamics remain volatile and downward, the overall short-term sentiment in the market is shrouded, and there is a trend of continuing to move downward in the short term.

Resistance level: 1.07170 1.07296

Support level: 1.06819 1.06721

Trading strategy: Bearish below 1.07024, target 1.06819 1.06721
Alternative strategy: bullish above 1.07024, target 1.07170 1.07296

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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