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EURUSD: Short position moves down
2022-11-04
1114
Fundamental analysis:
EURUSD remained volatile at around 0.97456. The GDP of the euro area in the third quarter slowed down significantly compared with the second quarter. Analysts predicted that the economy would soon fall into recession. As the conflict between Russia and Ukraine pushed up energy and food prices, households and enterprises were struggling to cope.
EUR USD EURUSD - 4-hour K line chart shows:
Technical analysis:
The 4-hour chart shows that the bearish power has maintained a volatile downward trend. Although there is support for the low position in the short term, the downward trend is good. The MACD indicator is maintained in the bearish area, and the RSI indicator is hovering in the bearish area;
Empty turning point: 0.97590
Pressing: 0.97872, 0.98161
Support: 0.97200, 0.96940
Trading strategy: bearish below 0.97590, target 0.97200, 0.96940
Alternative strategy: bullish above 0.97590, target 0.97872, 0.98161
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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