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EURUSD: low move up

2023-09-13
649
Fundamental analysis:

The EURUSD remained volatile around 1.07536. The ZEW Economic Situation Index in September was the lowest level since August 2020. The German economy continues to falter amid the increasing risk of recession. The sentiment index was better than expected, improved from August, but still negative, so I don't think there's much optimism.

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



Brief technical analysis:

Looking at the 4-hour chart: The low-level bullish momentum continues to fluctuate and move upward, short-term bullish sentiment is shrouded, the market bulls continue to climb, the MACD indicator is weakly consolidating below the 0 axis, and the RSI indicator is around the 0 axis and then moves up after oscillation;

Resistance level: 1.07709 1.07869

Support level: 1.07320 1.07184

Trading strategy: Bullish above 1.07461, target 1.07709 1.07869
Alternative strategy: bearish below 1.07461, target 1.07320 1.07184

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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