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EURUSD: short-term volatility
2023-06-25
769
Fundamental analysis:
The euro remained volatile around 1.08910 against the U.S. dollar, and the PMI in the euro zone fell sharply in June, indicating that the economy weakened towards the end of the second quarter, which may mean another quarter of negative GDP growth in the euro zone.
EURUSD—4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the short-term momentum continues to move downwards and then fluctuates. Although the short-term decline has weakened, the downward trend remains. The MACD indicator is hovering around the 0 axis, and the RSI indicator is in a weak order below the 50 balance line;
Resistance levels: 1.09225 1.09429
Support levels: 1.08719 1.08568
Trading strategy: bearish below 1.09022, target 1.08719 1.08568
Alternative strategy: Bullish above 1.09022, target 1.09225 1.09429
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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