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