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EURUSD: sharp drop from highs
2023-02-03
1012
Fundamental analysis:
The euro remained volatile around 1.09110 against the U.S. dollar. The European Central Bank’s main refinancing rate from the euro zone to February 2 was 3%, expected to be 3.00%, and the previous value was 2.50%, which was in line with market expectations. Refinancing rates hit their highest level since November 2008.
EURUSD—4-hour K-line chart shows:
Brief technical analysis:
The 4-hour chart: the momentum of high short positions has fallen rapidly, the market is shrouded in bearish sentiment, the short-term decline has not stopped, and there is a trend of continuing to move downward, the MACD index is in the bullish area and moves downward, and the RSI index is in the bullish area. Shock and retreat to 50 Hovering around the equilibrium line;
Long-short turning point: 1.09210
Suppression: 1.09389, 1.09563
Support: 1.08917, 1.08733
Trading strategy: bearish below 1.09210, target 1.08917, 1.08733
Alternative strategy: Bullish above 1.09210, target 1.09389, 1.09563
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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