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EURUSD: narrow range weak sorting

Fundamental analysis:

EURUSD remained volatile at around 0.99937. As the European natural gas crisis, high inflation and global monetary policy tightening had a serious impact on the economic outlook, Fitch predicted that the refinancing rate of the European Central Bank would rise to 2% by December.

EUR USD EURUSD - 4-hour K line chart shows:

Technical analysis:

The 4-hour chart shows that after the sharp decline of short sellers, they began to narrow the range of consolidation and translation. The market's short sellers' sentiment remained unchanged, with a downward trend again. The MACD index maintained consolidation in the short regions, and the RSI index remained weak at the bottom of the 50 equilibrium line;

Empty turning point: 1.00037

Pressing position: 1.00296, 1.00586

Support position: 0.99715, 0.99475

Trading strategy: 1.00037 lower bearish, target 0.99715, 0.99475

Alternative strategy: bullish above 1.00037, target 1.00296, 1.00586

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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