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EURUSD: low narrow range oscillation
2022-09-06
1057
Fundamental analysis:
The euro fluctuated around 0.99192 against the US dollar. After Russia further cut off the main natural gas supply, the worsening energy crisis in Europe has put further pressure on the euro, because the energy crisis is likely to drag the economy of the euro area into recession. Moreover, it may also delay the pace of interest rate hike by the European Central Bank.
EURUSD - 4-hour K-line chart shows:
Technical analysis:
According to the 4-hour chart, the low level has been in wide swing for a long time, the short power is waiting for the opportunity to enter the market and move downward, the MACD index is in the short area and maintains the downward trend, and the RSI index is in the weak position below the 500 equilibrium line;
Long short turning point: 0.99322
Pressing position: 0.99621, 0.99876
Support position: 0.98928, 0.98686
Trading strategy: bearish below 0.99322, target 0.98928, 0.98686
Alternative strategy: bullish above 0.99322, target 0.99621, 0.99876
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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