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EURUSD : Slight rebound does not change weakness

Fundamental analysis:

The European Commission on Wednesday outlined plans to raise more than $140 billion from energy companies to help shield households and businesses from a surge in prices that could lead to recessions and bankruptcies. European gas and electricity prices have soared this year, leaving many struggling to pay their bills and utilities struggling with a liquidity crunch.

EURUSD EURUSD daily chart

A brief technical analysis:

From the daily chart: the short-term exchange rate rebounded slightly after a sharp drop, the MACD was running below the 0-axis and the volume was slightly heavy below the 0-axis, and the RSI began to decline. It is expected that the short-term exchange rate will likely fall further. 

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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