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EURUSD: low volatility
2023-08-27
498
Fundamental analysis:
EUR/USD remained volatile around 1.08067, European Central Bank Governing Council Vujcic: The euro zone economy has basically stagnated. Core inflation has likely peaked. It's unclear whether rates are already restrictive enough. There are currently no signs of a real recession. I still think a soft landing for the economy is doable.
EURUSD—4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the short-term consolidation after the short-term momentum moved down, the market's short-sentiment weakened, but the overall situation is still hovering at a low level, the MACD indicator is in the short-term area for low-level consolidation, and the RSI indicator is hovering weakly below the 50 balance line;
Resistance levels: 1.08337 1.08517
Support levels: 1.07897 1.07762
Trading strategy: bearish below 1.08157, target 1.07897 1.07762
Alternative strategy: Bullish above 1.08157, target 1.08337 1.08517
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