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EURUSD: Multi head stepping back

Fundamental analysis:

European currencies continued to rebound, but the momentum began to slow down. There are more and more speculations about the possible recession of the euro area, which will become the main resistance faced by the euro. The UK has announced more austerity measures, and the UK economy is facing a very difficult situation.

EURUSD daily chart

Technical analysis:

The daily chart shows that the short-term exchange rate has stepped back slightly, the MACD has shrunk slightly on the 0 axis, and the RSI has slowed down at a high level. It is expected that the short-term exchange rate will rise further after the settlement.  

Empty turning point: 1.0150

Pressing position: 1.0400 1.0650

Support position: 0.9950 0.9750

Trading strategy: bullish above 1.0150, target 1.0400, 1.0650

Alternative strategy: bearish under 1.0150, target 0.9950, 0.9750

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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