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EURUSD: short-term still under pressure

Fundamental analysis:

Fears of a recession in Europe put downward pressure on the euro. Manufacturing activity across the euro zone fell again last month, a survey that showed on Sept. 1, as consumers slashed spending amid a deepening cost-of-living crisis. provided more evidence for recession risk.

EURUSD EURUSD daily chart

A brief technical analysis:

From the daily chart: the short-term exchange rate rebound continues to decline, the MACD runs below the 0-axis but the volume and energy 0-axis shrunk slightly, and the RSI is hovering at a low level. It is expected that the short-term exchange rate will likely further decline after a rebound. 

Long and short turning point: 1.0150

Suppression bit: 1.0400 1.0600

Support level: 0.9950 0.9800

Trading strategy: bearish below 1.0150, target 0.9950, 0.9800

Alternative strategy: bullish above 1.0150, target 1.0400, 1.0600

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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