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EURUSD: low order

2023-02-22
980
Fundamental analysis:

The euro remained near 1.06470 against the U.S. dollar, and the initial manufacturing PMI in the euro zone recorded 48.5 in February, a two-month low. The initial value PMI of the service industry in February recorded 53.0, an 8-month high, and the initial value of the comprehensive PMI in February recorded 52.3, a 9-month high.

EURUSD—4-hour K-line chart shows:



Brief technical analysis:

Looking at the 4-hour chart: the low-level narrow-range shocks are weakly moving down, and there is a trend of continuing to move downward in the short term. The market’s bearish sentiment remains, the MACD indicator is hovering weakly below the 0 axis, and the RSI indicator is weakly finishing below the 50 balance line;

Long-short turning point: 1.06564

Suppression: 1.06829, 1.07078
Support: 1.06211, 1.06018

Trading strategy: bearish below 1.06564, target 1.06211, 1.06018
Alternative strategy: Bullish above 1.06564, target 1.06829, 1.07078

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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