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EURUSD: low move up
2023-07-07
794
Fundamental analysis:
The euro remained volatile near 1.08913 against the U.S. dollar, with retail sales in the euro zone flat in May, suggesting that household consumption contracted again in the second quarter. Retail sales would have fallen 0.3% in the second quarter from the previous quarter if retail sales were unchanged in June, and subdued consumer confidence coupled with rising interest rates point to further declines in consumption in the coming quarters.
EURUSD—4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the strength of low-level bulls maintains shocks and moves upwards, and short-term bullish sentiments are gradually emerging. The MACD indicator is weakly finishing below the 0 axis, and the RSI indicator is hovering weakly near the 50 balance line;
Resistance levels: 1.09016 1.09128
Support levels: 1.08714 1.06599
Trading strategy: Bullish above 1.08833, target 1.09016 1.09128
Alternative strategy: bearish below 1.08833, target 1.08714 1.06599
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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