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EURUSD: Low shock

Fundamental analysis:

The euro remained volatile near 1.07256 against the U.S. dollar, and the euro got a short-term boost after Klaas Knot, the rate setter of the European Central Bank, said that the market may have underestimated the possibility of raising interest rates in September. The long-term view is that the dollar is overvalued, but the current cyclical pressure is the opposite, so the pressure on the dollar is to strengthen, and the ECB is expected to keep interest rates unchanged next week.

EURUSD—4-hour K-line chart shows:

Brief technical analysis:

Looking at the 4-hour chart: the low level remains volatile in the short term, and the market is shrouded in bearish sentiment. Although the short-term decline has weakened, the downward trend remains. The MACD indicator is in the short-term area and the RSI indicator is in the short-term area.

Resistance levels: 1.07436 1.07575

Support levels: 1.07085 1.06967

Trading strategy: Bearish below 1.07287, target 1.07085 1.06967
Alternative strategy: bullish above 1.07287, target 1.07436 1.07575

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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