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EURUSD: Shock upward
2023-05-03
842
Fundamental analysis:
The EUR/USD remained volatile around 1.09990. The final value of the manufacturing PMI in the euro zone in April was 45.8, expected to be 45.5, and the previous value to be 45.5. Manufacturing output in the euro zone fell in April. The decline has been fairly widespread across the euro zone, with regional PMIs in France and Italy also showing falling output, while output in Germany and Spain has remained virtually stagnant.
EURUSD—4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the bullish momentum remains volatile and rising, short-term bullish sentiment emerges, the bullish momentum in the market continues to rise, the MACD indicator is hovering below the 0 axis, and the RSI indicator is hovering near the 50 balance line;
Resistance levels: 1.10099 1.10231
Support levels: 1.09817 1.09691
Trading strategy: Bullish above 1.09926, target 1.10099 1.10231
Alternative strategy: bearish below 1.09926, target 1.09817 1.09691
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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